I agree. But I end up scratching my head and wondering what I am missing when I see announcments such as this.
Just a lazy 100Mil raised so easily. The presentation of Ports supporting it is worth taking a look at.
I know the CRAIGS model portfolio a few years ago recommended having a % of ones money in bonds to stabilise income.
I have a few, they have served me well, but interest rates were MUCH higher then.
https://www.nzx.com/announcements/382942
16/11/2021, 4:38 pm GENERAL
PORT OF TAURANGA LIMITED LAUNCHES BOND OFFER TO INSTITUTIONAL INVESTORS IN NEW ZEALAND
Port of Tauranga Limited (POT) has launched a NZ$100,000,000 seven-year new issue with final maturity in November 2028. The Notes will be issued to institutional investors in New Zealand.
Issuer: Port of Tauranga Limited
Instrument: Fixed Rate Notes
Issuer Rating: A- (stable) by S&P Global
Expected Issue Rating: A- (stable) by S&P Global
Launch Date: Tuesday, 16 November 2021
Closing Date: Thursday, 18 November 2021, 11.00 am or earlier at the Issuer’s discretion
Settle / Issue Date: Wednesday, 24 November 2021
Maturity Date: Friday, 24 November 2028
Issue Amount: NZ$100,000,000 of seven-year Notes
Indicative Issue Margin: 0.75-0.85% per annum
Listing: The Notes will not be listed on any exchange