Musing regarding 'next time', some of the hybrid debt issues out there are shall we say are a little bit interesting. One hopes the default clauses never operate, though even with my cynical view it is hard to actually envisage these company's defaulting. Just taking as a random example with no slur attached at all , but say, Wellington Airport has a fair bit of debt out there even though the company isn't listed for shares. I mean its a steady business right?. Travellers all the time, including politicians whizzing around everywhere on our expense. But just say something went wrong.... the obvious one is an earthquake and I'm sure there is insurance so its probably something else. But just say something went wrong, theres $400 million of debt out there with hungry coupons.
WIA Debt 2019-12-11 140132.png
Debt issues have been the lifestay of the NZX for a while now. Theres quite a few. 144 to be precise. With total capitalisation of $34,000 M so I'll call that 34 billion.
https://www.nzx.com/markets/NZDX
They are all rock solid of course though.
Right?
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