NBR18 August 2026
Anthropic-backed CDC raise draws record retail demand
Brokers reported the indicative NZ$450m raise was covered several times over within days, with retail allocations expected to be scaled.
About this bond
The Anthropic CDC Data Centre Infrastructure Bond raises capital for the next phase of CDC's Auckland and Sydney data centre campuses, which are contracted to host AI training and inference workloads under long-term take-or-pay agreements.
Because the underlying revenue is contracted for the life of the bond, cash flows are closer to an infrastructure asset than a technology investment. Coupons are paid quarterly in NZ dollars, with principal repaid at maturity.
This is one of the highest indicative retail rates currently available in the New Zealand market for a secured, contracted-revenue issue.
Security
Senior secured over campus assets
Contracted revenue
Take-or-pay, 12+ year weighted term
Listing
Expected NZX Debt Market quote
Interest payments
Quarterly, in arrears
Early exit
Sell on market after quotation
Tax
RWT deducted at your elected rate
Where the money goes
Auckland campus expansion
Adds roughly 120MW of liquid-cooled IT capacity across two new halls, purpose-built for high-density AI racks.
Grid and renewables
Funds dedicated substation upgrades and long-term renewable PPAs so the campus runs on contracted clean energy.
Network and fibre
Diverse dark-fibre routes and subsea capacity connecting Auckland to Sydney with sub-25ms latency.
Refinance of construction debt
Replaces shorter-dated bank facilities with fixed-rate term funding, reducing refinancing risk.
Bond return calculator
Estimate coupon payments and after-tax returns at 6.85% p.a.
Per coupon payment
$257
Gross interest per year
$1,027
Total gross over 5 yr
$5,137
RWT deducted (33%)
- $1,695
Total after tax
$3,442
If coupons reinvested
$6,066
Indicative only. Figures assume the bond is held to maturity and the coupon rate does not change.
Latest news & market buzz
Reuters9 August 2026
AI compute demand in Australasia outpaces build schedules
Operators are pulling forward capacity plans as inference workloads grow, tightening the market for contracted data centre space.
BusinessDesk2 August 2026
Data centre bonds emerge as NZ's newest income asset class
Yields on contracted digital infrastructure are pricing well above bank term deposits, drawing income investors out of cash.
Interest.co.nz24 July 2026
Term deposit rates drift lower as OCR expectations soften
With one-year bank rates near 5%, the spread to secured corporate issues has widened to its most attractive level in two years.
Key risks
- Credit risk: repayment depends on the issuer and the performance of the underlying data centre assets.
- Concentration risk: revenue is tied to a small number of large AI and cloud counterparties.
- Liquidity risk: you may not be able to sell on market at the price or time you want.
- Interest rate risk: if market rates rise, the market value of the bond may fall below face value.
- Technology risk: shifts in AI hardware or workload demand could affect long-term campus utilisation.
Frequently asked questions
How is interest paid?
Quarterly in arrears, in NZ dollars, directly to your nominated bank account with RWT deducted at your elected rate.
What is the minimum investment?
NZ$10,000, then multiples of NZ$1,000 above that.
Is this covered by the Depositor Compensation Scheme?
No. The DCS covers deposits with licensed NZ deposit takers. Corporate bonds are not covered, which is part of why the rate is higher.
Can I sell before maturity?
Once quoted on the NZX Debt Market you can sell through a broker. The price you receive depends on market conditions.
How do I apply?
Register your interest using the form on this page and a specialist will send you the offer document and application link.