Contact Energy - Unsecured Subordinated Capital Bonds

[Beagle]

I'm interested in people's thopughts about the relative merits of this offer and the Infratil six year offer which is also 8%.
My thoughts are that people have to buy electricity so on the face of it Contacts offer is clean and in a company that's easy to understand and alomost bullet-proof, Infratil's balance sheet has some considerable gearing and yes I know their biggest asset is a majority stake in Trustpower, (ironic I know), but its such a dog's breakfast of assets and they've made such a mess of their European airport investments I'm not so sure about them... Thoughts anyone ?
Don't like the insurance industry so the IAG opportunity will get no support from me despite its higher credit rating, (personally i trust used car dealers more than credit rating agencies who have hardly covered themselves in glory in recent years, lets be honest).