ttxpa instead of hdf, page-9

Its a judgement call but in a scenario when TTXPA has most of the value, HDF will not be shortable via CFDs or otherwise (no stock to borrow, even if allowed by regulator). Fixed interest investors who bought 100 TTXPA units at $100 will not want 100,000 HDF at 10c if it is in distress.

Agree that cash redemption may happen. They may be able to offer a new hybrid at a much more generous yield (assuming the entity is basically sound).

There are of course multiple outcomes but for the reasons I stated before I am just watching at this stage.