We have been issuing bonds since 1999

With approximately $1.4 billion of debt listed on the NZDX Infratil is one of the largest corporate bond issuers in New Zealand. Infratil has over 14,000 bondholders and has met all interest and repayment commitments on each bond issued over this period.

 

Buying and selling Infratil bonds

You’ll find our bonds on the New Zealand Stock Exchange (NZX). You can buy and sell them through a bank or broker. You can buy bonds when we first issue them. Or you can buy and sell them later from other investors on the secondary market.

Most bonds on the secondary market trade regularly, but because investors tend to keep bonds till they mature, bonds trade much less often than shares. Prices will change over time and vary with the number of buyers and sellers.

See our bond listings on NZX

Our latest bond offer

In May 2022 we opened a new offer of 8 year unsecured, unsubordinated, re-setting fixed rate infrastructure bonds. We raised $115,918,500 and the offer has now closed. The interest rate is fixed for four years at 5.93% p.a. and will reset on a fixed basis on 15 June 2026 for a further four years until the bonds mature on 15 June 2030.  The Lead managers on the issue were:

  • ANZ Bank New Zealand Limited
  • Bank of New Zealand
  • Forsyth Barr Limited
  • Hobson Wealth Partners Limited
  • Jarden Securities Limited

 

Our current bonds

We have 12 bonds on issue. Some bonds are perpetual, meaning they have no fixed maturity date. Bonds with fixed maturity dates are managed so we avoid having to refinance large amounts in any one year.

Maturity Current coupon Face value Code Issued
15 December 2022 5.65% $100,000,000 IFT240 19 June 2017
15 September 2023 5.25% $122,103,683 IFT210 27 October 2015
15 June 2024 5.50% $56,117,000 IFT230 30 June 2016
15 June 2025 6.15% $43,413,442 IFT250 19 June 2017
15 December 2024 4.75% $100,000,000 IFT260 29 October 2018
15 March 2026 3.35% $120,268,800 IFT300 15 November 2019
15 December 2026 3.35% $156,279,000 IFT280 20 September 2019
15 December 2027 3.60% $102,403,000 IFT310 15 June 2021
15 December 2028 4.85% $146,249,000 IFT270 29 October 2018
15 June 2030 5.93% $115,918,500 IFT320 15 June 2022
15 December 2029 Reset every 15 December at 2.5% above the 1-year swap rate $123,186,000 IFTHC 20 September 2019
Perpetual
(no maturity date)
Reset every 15 November at 1.5% above the 1-year swap rate $231,917,000 IFTHA 17 November 2006

At the maturity of each bond, we often seek to offer bondholders a chance to reinvest in another issue of bonds with a new maturity date.

If bondholders do not reinvest, or a reinvestment option is not available, the money is paid back into your nominated bank account as registered with Link Market Services Limited (our Bond Registrar).

Our perpetual bonds

We have $231.9 million of perpetual bonds outstanding which were issued in November 2006.

Our Perpetual Infratil Infrastructure Bonds (PiiB) have no maturity date and coupon rate resets each year in November. Coupons are then paid quarterly over the next 12 months. Find out their history and what to consider when buying or selling them. 

Perpetual Infratil Infrastructure Bonds March 2018 (PDF, 302KB)  

Bonds with coupons that reset

Some investors prefer bonds where the coupon resets at certain times instead of being fixed through to the bond maturity date.

The coupons of the following bonds are reset at the dates below. On each reset date the coupon rate is updated to reflect an updated base rate plus a fixed credit margin. The credit margin is agreed at the start of each bond for its full term and reflects the perceived credit risk of Infratil and the general market at the time. 

Maturity Current coupon Coupon reset date Credit margin Reset swap rate Code
15 December 2028 4.85% On 15 December 2023 (once only) 2.50% 5-year swap rate IFT270
15 December 2029 4.19% Every 15 December  2.50% 1-year swap rate IFTHC
15 June 2030 5.93% On 15 June 2026 (once only) 2.00% 4-year swap rate IFT320
Perpetual
(no maturity date)
6.45% Every 15 November 1.50% 1-year swap rate IFTHA

Your rights as a bondholder

We set out the key terms of our bonds in their individual term sheet and series supplements and summarise them in NZX announcements and investor communications.

Trustees Executors Limited acts as Bond Supervisor to ensure we meet all our obligations to bondholders as defined under our Trust Deed. Every six months we are required to provide a certificate, signed by two directors, confirming we have satisfied our obligations.

Details on our bonds

Find details about our bonds and links to detailed information.

  • IFT190 15 June 2022 (PDF, 1.88MB)
    Offer opened 29 April 2013
    Offer closed 28 June 2013
    Bond matures 15 June 2022
    Face value on issue $93,696,000
    Coupon (payable quarterly) 6.85% p.a.
  • IFT210 15 June 2023 (PDF, 318.26KB)
    Offer opened 01 October 2015
    Offer closed 15 November 2015
    Bond matures 15 September 2023
    Face value on issue $122,103,683
    Coupon (payable quarterly) 5.25% p.a.
  • IFT230 15 June 2024 (PDF, 385.48KB)
    Offer opened 20 May 2016
    Offer closed 10 June 2016
    Bond matures 15 June 2024
    Face value on issue $56,117,000
    Coupon (payable quarterly) 5.50% p.a.
  • IFT240 15 December 2022 (PDF, 302.00KB)
    Offer opened 18 May 2017
    Offer closed 12 June 2017
    Bond matures 15 December 2022
    Face value on issue $100,000,000
    Coupon (payable quarterly) 5.65% p.a.
  • IFT250 15 June 2025 (PDF, 302.00KB)
    Offer opened 18 May 2017
    Offer closed 23 June 2017
    Bond matures 15 June 2025
    Face value on issue $43,413,442
    Coupon (payable quarterly) 6.15% p.a.
  • IFT260 15 December 2022 (PDF, 4.43MB)
    Offer opened 01 October 2018
    Offer closed 31 October 2018
    Bond matures 15 December 2024
    Face value on issue $100,000,000
    Coupon (payable quarterly) 4.75% p.a.
  • IFT270 15 December 2028 (PDF, 4.43MB)
    Offer opened 01 October 2018
    Offer closed 31 October 2018
    Bond matures 15 December 2028
    Face value on issue $146,249,000
    Coupon (payable quarterly) 4.85% p.a. rate reset after 5 years
  • IFT280 15 December 2026 (PDF, 407.70KB)
    Offer opened 20 August 2019
    Offer closed 20 September 2019
    Bond matures 15 December 2026
    Face value on issue $156,279,000
    Coupon (payable quarterly) 3.35% p.a.
  • IFT300 15 March 2026 initial offer (PDF, 5.83MB)
    Offer opened 22 October 2019
    Offer closed 13 February 2020
    Bond matures 15 March 2026
    Face value on issue $36,975,800
    Coupon (payable quarterly) 3.35% p.a.
  • IFT300 15 March 2026 subsequent offer (PDF, 3.80MB)
    Offer opened 19 November 2020
    Offer closed 10 March 2021
    Bond matures 15 March 2026
    Face value on issue $83,293,000
    Coupon (payable quarterly) 3.35% p.a.
    Issue yield 3.00% p.a.
  • IFT310 15 December 2029 (PDF, 3.89MB)
    Offer opened 25 May 2021
    Offer closed 16 June 2021
    Bond matures 15 December 2027
    Face value on issue $102,403,000
    Coupon (payable quarterly) 3.60% p.a.
  • IFTHC 15 December 2029 (PDF, 407.70KB)
    Offer opened 20 August 2019
    Offer closed 13 November 2019
    Bond matures 15 December 2029
    Face value on issue $123,186,000
    Coupon (payable quarterly) The coupon rate resets every 15 December at 2.5% above the 1-year swap rate
  • IFT320 15 June 2030 (PDF, 527.80KB)
    Offer opened 26 May 2022
    Offer closed 13 June 2022
    Bond matures 15 June 2030
    Face value on issue $115,918,500
    Coupon (payable quarterly) 5.93% p.a. rate reset after 4 years
  • IFTHA Perpetual (PDF, 3.07MB)
    Offer opened 17 November 2006
    Offer closed 30 April 2007
    Bond matures Not applicable
    Face value on issue $231,900,000
    Coupon (payable quarterly) The coupon rate resets every 15 November at 1.5% above the 1-year swap rate

This bond deed applies to our current bonds, Trustees Executors Limited acts as Bond Supervisor to ensure we meet all our obligations to bondholders as defined under this deed or implied by law.

Please contact a Joint Lead Manager (details available in the term sheet for each bond), your financial advisor or any primary market participant for information on our current bonds. You can find a primary market participant by visiting www.nzx.com/investing/find-a-participant.