We have been issuing bonds since 1999
With approximately $1.3 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.
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 11 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 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 | 7.89% | 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.
-
IFT210 15 September 2023 (PDF, 318.26KB)
Offer opened 01 October 2015Offer closed 15 November 2015Bond matures 15 September 2023Face value on issue $122,103,683Coupon (payable quarterly) 5.25% p.a.
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IFT230 15 June 2024 (PDF, 385.48KB)
Offer opened 20 May 2016Offer closed 10 June 2016Bond matures 15 June 2024Face value on issue $56,117,000Coupon (payable quarterly) 5.50% p.a.
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IFT250 15 June 2025 (PDF, 302.00KB)
Offer opened 18 May 2017Offer closed 23 June 2017Bond matures 15 June 2025Face value on issue $43,413,442Coupon (payable quarterly) 6.15% p.a.
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IFT260 15 December 2024 (PDF, 4.43MB)
Offer opened 01 October 2018Offer closed 31 October 2018Bond matures 15 December 2024Face value on issue $100,000,000Coupon (payable quarterly) 4.75% p.a.
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IFT270 15 December 2028 (PDF, 4.43MB)
Offer opened 01 October 2018Offer closed 31 October 2018Bond matures 15 December 2028Face value on issue $146,249,000Coupon (payable quarterly) 4.85% p.a. rate reset after 5 years
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IFT280 15 December 2026 (PDF, 407.70KB)
Offer opened 20 August 2019Offer closed 20 September 2019Bond matures 15 December 2026Face value on issue $156,279,000Coupon (payable quarterly) 3.35% p.a.
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IFT300 15 March 2026 initial offer (PDF, 5.83MB)
Offer opened 22 October 2019Offer closed 13 February 2020Bond matures 15 March 2026Face value on issue $36,975,800Coupon (payable quarterly) 3.35% p.a.
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IFT300 15 March 2026 subsequent offer (PDF, 3.80MB)
Offer opened 19 November 2020Offer closed 10 March 2021Bond matures 15 March 2026Face value on issue $83,293,000Coupon (payable quarterly) 3.35% p.a.Issue yield 3.00% p.a.
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IFT310 15 December 2027 (PDF, 3.89MB)
Offer opened 25 May 2021Offer closed 16 June 2021Bond matures 15 December 2027Face value on issue $102,403,000Coupon (payable quarterly) 3.60% p.a.
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IFTHC 15 December 2029 (PDF, 407.70KB)
Offer opened 20 August 2019Offer closed 13 November 2019Bond matures 15 December 2029Face value on issue $123,186,000Coupon (payable quarterly) The coupon rate resets every 15 December at 2.5% above the 1-year swap rate
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IFT320 15 June 2030 (PDF, 527.80KB)
Offer opened 26 May 2022Offer closed 13 June 2022Bond matures 15 June 2030Face value on issue $115,918,500Coupon (payable quarterly) 5.93% p.a. rate reset after 4 years
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IFTHA Perpetual (PDF, 3.07MB)
Offer opened 17 November 2006Offer closed 30 April 2007Bond matures Not applicableFace value on issue $231,900,000Coupon (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.
Our Bond Supervisor is Trustees Executors Limited.
The following are the amendments to our trust deed.
A Series Supplement is a document specifying the characteristics applicable to a series of bonds with reference to the Trust Deed. These are the series supplements for our current bonds.
- IFT320 15 June 2030 - Series Supplement (PDF, 236.49KB)
- IFT210 15 September 2023 series supplement (PDF, 202.74KB)
- IFT230 15 June 2024 series supplement (PDF, 333.88KB)
- IFT260 15 December 2024 series supplement (PDF, 672.19KB)
- IFT250 15 June 2025 series supplement (PDF, 198.88KB)
- IFT300 15 March 2026 series supplement (PDF, 175.22KB)
- IFT280 15 December 2026 series supplement (PDF, 317.34KB)
- IFT310 15 December 2027 series supplement (PDF, 176.54KB)
- IFT270 15 December 2028 series supplement (PDF, 720.91KB)
- IFTHC 15 December 2029 series supplement (PDF, 392.15KB)
- IFTHA Perpetuals series supplement (PDF, 185.49KB)
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.