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Safe investment trip is FLIERS priority.

Australasian Business Intelligence, July, 2002

Jul 23, 2002 (The Australian Financial Review

ABIX via COMTEX) -- Hybrid securities are becoming a popular instrument for raising capital in Australia. Over $A3.5bn worth of these securities were issued in 2001, and in the year to date, $A1.4bn worth of them have been issued. The Southern Cross Consortium will issue instruments called FLIERS (floating rate, IPO-exchangeable, reset securities) in order to finance the acquisition of Sydney Airport. Macquarie Bank and UBS Warburg will be joint underwriters of the issue. Craig Ellis, of Macquarie Equities, says hybrid securities appeal to investors due to factors such as their yield and earnings potential. However, Grange Securities' Rodney Pryor suggests that certain other hybrid securities may be more attractive...

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