2.5 years - yes these aren't exactly instruments to watch and comment on, on a regular basis. For the fixed interest part of a portfolio, these are quite good if you have the patience of Job and the time horizon to hold.

I didn't accumulate any more beyond those I held at 55 and 58 (see my last post) and they got ditched about a year ago, when it became apparent rates weren't going any higher.

Trev, not sure the cycle has bottomed quite yet, but it's close IMO. The market is already moving to price in a 2.5%OCR, and given the coupon will be reset lower, todays price may not yet be a good entry. I'm hoping to get some in to yield around 7% so assuming next coupon is ~4.3% so price needs to be under 62 for me to want to re-enter. Others may be happy with a lower yield, given the coupon is reset annually, so I may not get them.

you're obviously aware these behave differently to regular bonds, due to the combination of rate reset and perpetuity, so if rates rise, price should also rise, and vicky verka.

Timbo Brown is clearly unmoved by the protestations from various interests about the 'unfairness' of it all, so holders need to be prepared to hold and/or trade on long horizons.