Hi Roger,
Agree that repayment is not a given and like you I think that this is cheap money for ASB.
It's one of those investments that I am comfortable with holding short/medium/long term.
Like my investments in CASHA & IFTHA, these have been quite good to me over the long term, with some great buying and selling opportunities along the way.
Their liquidity is also worth something to me.
Like a lot of investments, the less pressure you are under to make a quick buck and move on, the easier it is to do alright with them (and the easier it is to sleep!).
Thanks for the figures you supplied.
Grimy