Bonds
We have been issuing bonds since 1999
With approximately $1.8 billion of debt listed on the NZX Debt Market and a BBB+ (stable) S&P issuer credit rating, Infratil is one of the largest corporate bond issuers in New Zealand.
Infrastructure Bonds
| Ticker | Face value | Issue credit rating | Coupon type | Current coupon* | Maturity | Term^ | Bond terms sheet & series supplement |
|---|---|---|---|---|---|---|---|
| IFT370 | $122,559,333 | Unrated | Fixed | 6.16% | 16 June 2032 | 7y | Download term sheet for IFT370 16 June 2032 |
| IFT280 | $156,279,000 | Unrated | Fixed | 3.35% | 15 December 2026 | 7y | Download term sheet for IFT280 15 December 2026 |
| IFT310 | $102,403,000 | Unrated | Fixed | 3.60% | 15 December 2027 | 6.5y | Download term sheet for IFT310 15 December 2027 |
| IFT270 | $146,249,000 | Unrated | Resetting coupon1 | 6.78% | 15 December 2028 | 10y | Download term sheet for IFT270 15 December 2028 |
| IFT330 | $150,000,000 | Unrated | Fixed | 6.90% | 31 July 2029 | 6y | Download term sheet for IFT330 31 July 2029 |
| IFTHC | $123,186,000 | Unrated | Resetting coupon2 | 5.20% | 15 December 2029 | 10y | Download term sheet for IFTHC 15 December 2029 |
| IFT320 | $115,918,500 | Unrated | Resetting coupon3 | 5.61% | 15 June 2030 | 8y | Download term sheet for IFT320 15 June 2030 |
| IFT360 | $121,664,000 | Unrated | Fixed | 6.00% | 13 December 2030 | 6y | Download term sheet for IFT360 13 December 2030 |
| IFT340 | $127,248,000 | Unrated | Fixed | 7.08% | 15 March 2031 | 7.5y | Download term sheet for IFT340 31 March 2031 |
| IFT350 | $204,492,000 | Unrated | Fixed | 7.06% | 17 December 2031 | 7.5y | Download term sheet for IFT350 31 December 2031 |
Capital Bonds
| Ticker | Face value | Issue credit rating | Coupon type | Current coupon* | Maturity | Term^ | Bond terms sheet & series supplement |
|---|---|---|---|---|---|---|---|
| IFT380 | $200,000,000 | S&P BBB- | Resetting coupon4 | 5.50% | 15 June 2057 | 31y | Download term sheet for IFT380 15 June 2057 |
Perpetual Bonds
| Ticker | Face value | Issue credit rating | Coupon type | Current coupon* | Maturity | Term^ | Bond terms sheet & series supplement |
|---|---|---|---|---|---|---|---|
| IFTHA | $231,916,600 | Unrated | Resetting coupon5 | 3.90% | Perpetual | Perpetual | Download term sheet for IFTHA Perpetual |
- per annum except IFTHA Bonds
- Terms rounded to nearest half-year
- Coupon reset on 15 December 2023 at 5Y swap rate plus 2.50% credit margin
- Coupon reset annually on 15 December at 1Y swap rate plus 2.50% credit margin
- Coupon reset on 15 June 2026 at 4Y swap rate plus plus 2.00% credit margin
- Coupon resets on 15 June 2032, with subsequent reset dates every 5 years at the 5Y swap rate plus the margin and step-up
- Coupon reset annually on 15 November at 1Y swap rate plus 1.50% credit margin
IFTHA Perpetual Bonds
The IFTHA Perpetual bonds were issued under a standalone offer document and the terms of these bonds are different to Infratil's other bonds. Please refer to the bond documentation included in the table above for more details.
IFTHA Background
At the time of their issue investors were attracted to the IFTHAs given their relatively high initial coupon. Since that time interest rates have typically been at lower levels, which has meant that IFTHAs have traded significantly below their issue price of $1.00. Infratil has previously undertaken a review to ascertain if it is feasible to amend the terms of the IFTHAs. In this process, several barriers were encountered to being able to do this fairly. Ultimately any offer to acquire the IFTHAs above their current trading value or to convert them to a fixed term would result in a material transfer of value from Infratil shareholders to Infratil IFTHA holders.
More information
Summary of key bond terms (other than IFTHC Bonds)
Buying and selling Infratil bonds
If you would like to purchase Infratil bonds you should contact a Joint Lead Manager (refer to the term sheet of each bond), your financial adviser or any primary market participant for information on the process. You can find a primary market participant by visiting www.nzx.com/services/market-participants.