IFTHA Infratil Perpetuals

[macduffy]

PJK - see Lizard's post of 15/10/10 above.

Perpetuals subject to interest rate re-sets tend to suffer in times of low interest rates. Some holders get nervous, anticipating lower rates still; some will need to sell for whatever reason. Potential buyers have similar worries so buyer demand tends to dry up, forcing the price down and the yield up. More a reflection of the instrument and the market, rather than the issuer.