Enhanced Capital Notes

My broker has confirmed that I can hold Enhanced Capital Notes in my sharedealing account, so I have the full range of options as my disposal.

Contrary to my earlier post, I'm now considering taking the cash option, with ECNs as my second choice, and investing the cash in NWBD. The current yield on NWBD is 11%, with the potential upside that they may trade significantly higher than their current 80p. The prospective yield of the ECNs (vs the cash alternative of £700) to maturity is 14%, and there is the potential downside that they may be converted.

I suppose the ECNs could approach par well in advance of the maturity date, so I'm not really comparing like with like...

Hmm. I have a week to decide. I think I'm definitely going to apply for both exchanges, I'm just not sure in which order.