Investment Returns Interview Question

Had this come up as a recent interview question.

"If you could either invest $1m dollars in Govt Bonds or $1m in the equity markets, and assuming you knew in advance that both would yield the 5% return after a year (essentially both investments are risk free), which type of investment would you choose and why?"

My initial thoughts are that investors should be indifferent and the only issues I could think of that would make an investor prefer one type of investment over another include:
-Tax effects, assuming capital gains from equity investments are taxed at a different rate to interest income from coupon payments
- Transaction costs of purchasing equity vs govt bond

Is there anything else that I may have missed?