Hi there, I'm hoping the more educated here could clue me up with warrants. I get the general idea, particularly instalment warrants which is what I'm looking at, but when it comes to the details my knowledge cuts out. I'm interested in STWIMF (streettracks asx200 instalment warrrant by Macquarie). Here are it's details: Asset Details Instalment Type: Resetting - Regular Gearing Level: 68% =Current Loan / Underlying Share Price Instalment Code: STWIMF Maturity Date: 17-11-16 Next Annual Reset Date: 17-11-08 Current Loan Amount: $ 37.0000 Current ASX Market Price Instalment Price (offer): $ 21.56 Underlying Price (offer): $ 54.77 Income Information Next Forecast Dividend Ex Date: 24-06-08 Forecast Dividend Amount: $ 2.2020 Forecast Franking Level : 0% Instalment Yield To Next Reset: 4% Instalment Yield Per Annum: 5% Cash Application Information Indicative Total First Payment Amount: $ 22.1297 Indicative Interest Amount: $ 2.8024 Indicative Holder's Put Option Cost: $ 0.9884 Indicative Borrowing Fee: $ 0.5689 Minimum Cash Application: $ 2000 Shareholder Application Information Indicative Cashback Amount: $ 32.6403 Indicative Interest Amount: $ 2.8024 Indicative Holder's Put Option Cost: $ 0.9884 Indicative Borrowing Fee: $ 0.5689 Minimum Number Of Shares: 250 OK, the questions I have at this stage are: a) what is the implied interest rate? Is it $2.8024/$22.1297 because if so, that's 12.5% Surely I've got that wrong... b) what is the difference between the terms maturity date and the reset date? c) what exactly happens on the 17-11-08? d) can I hold instalment warrants forever? ie past the maturity date? e) the inbuilt interest is a capital cost, not deductible against earnings, correct? f) more generally, do people have a preference between Macquarie, UBS and Citibank? Thanks heaps!