We have been issuing bonds since 1999
With approximately $1.5 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
On 13 September 2023 we closed a Firm Offer of 7.5-year unsecured, unsubordinated, fixed rate infrastructure bonds due 15 March 2031. The interest rate is 7.08% per annum.
The joint lead managers on the offer were:
- ANZ Bank New Zealand Limited
- Bank of New Zealand (Arranger)
- Craigs Investment Partners
- Forsyth Barr 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 June 2024||5.50%||$56,117,000||IFT230||30 June 2016|
|15 December 2024||4.75%||$100,000,000||IFT260||29 October 2018|
|15 June 2025||6.15%||$43,413,442||IFT250||19 June 2017|
|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|
|31 July 2029||6.90%||$150,000,000||IFT330||31 July 2023|
|15 June 2030||5.93%||$115,918,500||IFT320||15 June 2022|
|15 March 2031||7.08%||$127,248,000||IFT340||15 September 2023|
|15 December 2029||Reset every 15 December at 2.5% above the 1-year swap rate||$123,186,000||IFTHC||20 September 2019|
(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.
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|
(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.
IFT340 31 March 2031 (PDF, 2.00MB)
IFT330 31 July 2029 (PDF, 4.28MB)
IFT230 15 June 2024 (PDF, 385.48KB)
IFT250 15 June 2025 (PDF, 302.00KB)
IFT260 15 December 2024 (PDF, 4.43MB)
IFT270 15 December 2028 (PDF, 4.43MB)
IFT280 15 December 2026 (PDF, 407.70KB)
IFT300 15 March 2026 initial offer (PDF, 5.83MB)
IFT300 15 March 2026 subsequent offer (PDF, 3.80MB)
IFT310 15 December 2027 (PDF, 3.89MB)
IFTHC 15 December 2029 (PDF, 407.70KB)
IFT320 15 June 2030 (PDF, 527.80KB)
IFTHA Perpetual (PDF, 3.07MB)
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.
- IFT340 15 March 2031 series supplement (PDF, 607.55KB)
- IFT330 31 July 2029 series supplement (PDF, 622.40KB)
- IFT320 15 June 2030 series supplement (PDF, 236.49KB)
- 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.