Thanks Alphacenturian. I own TIMPB and like them at the price...

Thanks Alphacenturian. I own TIMPB and like them at the price but I am not a buyer of TIM.

On the assumption that TIM actually survives, and most people think it will albeit with some care, TIMPB presents a very attractive return. It is paying 13.5 cents of coupon fully franked for a cost of 60 cents or so. And capital gain at end when you are handed 4 TIM shares for every TIMPB note. So breakeven for TIMPB conversion at 4:1 is 13.5 cents coupon plus 4 times "sp" = 60 cents; Solving this gives sp=9 cents as breakeven. So buy TIMPB, not TIM.