A: Apart from being quite long, the indicated margin of 2.9% is on market – higher than most hybrids trading on the ASX. The nominal term of 11.5 years is long (normal about 9.0 years), and the term to the call dates of 8.0yrs, 8.25 years, 8.5 years is also long (normal about 6.0 years).

I think this will go okay, certainly more attractive than the current Macquarie offer.