Infratil Bonds

All Infratil Bonds are listed on the NZX and most trade on a regular basis. Most investors however hold to maturity so trading is much less than for Infratil’s shares. The secondary market price tends to reflect the number of buyers and sellers and will tend to fluctuate over time.

Direct broking has bids/offers and the last price of listed bonds, including all those issued by Infratil.

IFT090 15 Feb 2020
Offer Opened

20 Dec 2005

Offer Closed

02 Jun 2006

Bond Maturity

15 Feb 2020

Face Value on Issue

$80,497,600

Coupon (all payable quarterly)

8.5% per annum

IFT160 15 Jun 2017
Offer Opened

21 Jan 2011

Offer Closed

14 Apr 2011

Bond Maturity

15 Jun 2017

Face Value on Issue

$66,284,621

Coupon (all payable quarterly)

8.5% per annum

IFT170 15 Nov 2017
Offer Opened

07 Nov 2011

Offer Closed

10 Feb 2012

Bond Maturity

15 Nov 2017

Face Value on Issue

$81,111,500

Coupon (all payable quarterly)

8.0% per annum

IFT180 15 Nov 2018
Offer Opened

17 Oct 2012

Offer Closed

03 Dec 2012

Bond Maturity

15 Nov 2018

Face Value on Issue

$111,417,500

Coupon (all payable quarterly)

6.85% per annum

IFT200 15 Nov 2019
Offer Opened

23 Dec 2013

Offer Closed

28 Feb 2014

Bond Maturity

15 Nov 2019

Face Value on Issue

$68,500,000

Coupon (all payable quarterly)

6.75% per annum

IFT190 15 Jun 2022
Offer Opened

29 Apr 2013

Offer Closed

28 Jun 2013

Bond Maturity

15 Jun 2022

Face Value on Issue

$93,697,000

Coupon (all payable quarterly)

6.85% per annum

IFT210 15 Sep 2023
Offer Opened

01 Oct 2015

Offer Closed

15 Nov 2015

Bond Maturity

15 Sep 2023

Face Value on Issue

$122,103,683

Coupon (all payable quarterly)

5.25%

IFT220 15 Jun 2021
Offer Opened

20 May 2016

Offer Closed

10 Jun 2016

Bond Maturity

15 Jun 2021

Face Value on Issue

$93,883,000

Coupon (all payable quarterly)

4.90%

IFT230 15 Jun 2024
Offer Opened

20 May 2016

Offer Closed

10 Jun 2016

Bond Maturity

15 Jun 2024

Face Value on Issue

$56,117,000

Coupon (all payable quarterly)

5.50%

IFTHA Perpetual
Offer Opened

17 Nov 2006

Offer Closed

30 Apr 2007

Bond Maturity

Face Value on Issue

$235,143,200

Coupon (all payable quarterly)

The coupon rate is reset every 15 November at 1.5% over the then one year Bank Base Rate

Infrastructure Bonds Trust Deed

31 August 2015

Infratil Trust Deed Amendments
Infratil has elected for the requirements of the Financial Markets Conduct Act 2013 ("Act") to apply to it in relation to the Bonds with effect from 11 September 2015.
Infratil has amended the Trust Deed to comply with and reflect the Act and to make other tidy up amendments.

Infratil Infrastructure Bonds Amendment and Restatement Trust Deed effective from 11 September 2015

Infratil Infrastructure Bonds Trust Deed 11 November 1999 
Infratil Infrastructure Bonds Trust Deed Amendment dated 14 August 2003
Infratil Infrastructure Bonds Second Amending Trust Deed 15 November 2006
Infratil Infrastructure Bonds Third Amending Trust Deed 27 September 2012

The Trustee is Trustees Executors Limited, Level 5, 10 Customhouse Quay, Wellington.
Telephone : 04 495 0999

The terms of Infratil’s Bonds are set out in their individual prospectus and trust deeds (and summarised in the relevant Investment Statement). Each six months Infratil provides the Trustee with a certificate signed by directors confirming its position relative to the Bond covenants and with regards to general compliance with Bond terms. Infratil has always recorded conformity. Bondholders are welcome to contact the Trustee to confirm Infratil’s compliance.

Perpetual Infratil Infrastructure Bonds PiiB

Outlined below is an explanation of why the PiiB are such a poorly performing security, why Infratil is limited in its ability to “bailout” PiiB-holders and what may happen in future to their yield and value.

Perpetual Infratil Infrastructure Bonds (PiiBs) July 2016 (PDF)

Key features of PiiB include:

  • PiiB are perpetual, like a share rather than a fixed-maturity bond. Infratil is only obliged to repay them in certain exceptional situations, for instance if Infratil is taken over or is required by its loan covenants to repay all of its debt
  • PiiBs are traded on the NZDX market.
  • The PiiB interest coupon is set each 15 November at 1.5% over the one year bank base rate as at that day. Interest is paid quarterly
  • Since their issuance, the PiiB annual coupon rates have been, respectively

Interest Period Ended

Coupon Rate

November 2007

9.00%

November 2008

10.27%

November 2009

6.95%

November 2010

4.97%

November 2011

4.99%

November 2012

4.22%

November 2013

3.97%

November 2014

4.53%

November 2015

5.26%

November 2016

4.26%

November 2017

3.63%

  • The average rate over the ten years is 5.84%p.a.
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