If interest rates go up one more time, I'm looking to buy in...

If interest rates go up one more time, I'm looking to buy in GSBK51 below SP 50$, to profit on potential upside by the rate cuts next year.

This would give around 3.5% pa coupon payment (1.75% pa on face value), plus the potential capital gains in 1 year time if interest rates drop by end of 2024.

Also gives some tax benefit compared to HISA, since the coupon payment next year will be after stage 3 tax cuts and differed to next tax year.

Any thoughts?