Floating rate notes

  1. 5,302 Posts.
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    I'm invested in CBCPD which has its next call date in Dec 2022. Currently trading well below its $100 nominal value.
    But Ramsay's FRN is trading at a decent $101.50 and it's perpetual. Perpetual notes usually trade well below $100.
    How come the CBA note is trading at such a discount? I would have thought that the Ramsay note was a riskier product.
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