OK - the IFTHA (Infratil perps) are currently priced at 52/53 cents to buy $1.00 worth of notes.
And I'm thinking WTF? This seems an inflation proofed bargain sitting on the NZX.

That effectively means that even the current low rate of 4.22% actually returns just over 8%pa to someone who buys in today - and that's an extemely good return isn't it?

Infratil look solid enough - returning regular profits and do not look likely to default on these bonds - and any increase in base interest rates will be matched by the swap resets and a 188% multiplier (due to purchasing them at just 53 cents).

So - what am I missing? Why are IFTHA's priced like this - and still sitting around?
Any advice from more experienced investors would be greatly appreciated ... before I blow my cash!