Zubric - I agree with your comments (points 1 to 3).
However, the million dollar question is why Transfield chooses to repackage its debt using "high yield US bonds"?
a) do they have natural hedge against fluctuation of foreign currency? b) why not use a local financing options?
Also, with no announcements, I am now really intrigued as to why Transfield shares have gone up more than 15% in the past one week alone. Then this announcement came out.
Choosing to stay at the sidelines until more detailed info is released next week.
TSE Price at posting:
$1.05 Sentiment: None Disclosure: Not Held
