Thanks for replying to my comment, kywoo! Regarding the third con listed, according to their prospectus for the ICPS the conversion price states that it will be 1 ICPS for 1 share, subjected to adjustment of it due to the par value. I'm not sure if I got it right, but basically even if Allianz announces any rights/bonus issue, I'd still get the same proportion of the company when I do choose to convert? If the above is true, with voting rights and liquidity being not a concern for me (I can simply convert it into ordinary shares to sell), it's a no brainer to go for the ICPS if they are the same price?

If I'm interested in buying Allianz, why shouldn't I opt for their preference shares instead? Since DY would be 20% more