Well the BBSW has risen over the last few days, making the prospect of a step-up even more attractive. Here are the current figures:
SEVPC share price: $96.00
180-day BBSW: 4.6217%
Upcoming dividend (grossed up): $3.46
Capital gain if securities are redeemed: $4.00
Yield to maturity: 7.8%
Stepped-up rate if securities are not redeemed: 9.8%pa
Hard to argue with either a YtM or ongoing rate like that!
Any further thoughts on SEVPC, anyone?