NBR19 August 2026
Infratil bond opens with strong retail following
The NZ$300m raise has been well received by income investors seeking exposure to essential infrastructure cash flows.
About this bond
The Infratil Infrastructure Bond Series raises long-dated fixed-rate capital to refinance and expand Infratil's portfolio of essential infrastructure assets across New Zealand and Australia.
Proceeds are directed to renewable generation, digital infrastructure and airport operations that generate contracted or regulated revenue streams, supporting predictable quarterly coupon payments.
At 6.15% p.a. this issue sits in the sweet spot between bank term deposits and higher-risk corporate credit, with the added backing of hard infrastructure assets.
Security
Senior unsecured, backed by operating assets
Revenue profile
Regulated and contracted cash flows
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
Renewable generation
Refinancing and growth capital for wind and solar assets supplying long-term contracted electricity.
Digital infrastructure
Expansion of fibre, data centre and cloud connectivity assets serving Australasian enterprise customers.
Airport operations
Maintenance and capacity upgrades at key airports recovering passenger volumes and aeronautical charges.
Refinance of bank debt
Replace shorter-term bank facilities with fixed-rate bonds, locking in cost of funding and extending tenor.
Bond return calculator
Estimate coupon payments and after-tax returns at 6.15% p.a.
Per coupon payment
$231
Gross interest per year
$923
Total gross over 5 yr
$4,613
RWT deducted (33%)
- $1,522
Total after tax
$3,090
If coupons reinvested
$5,353
Indicative only. Figures assume the bond is held to maturity and the coupon rate does not change.
Latest news & market buzz
BusinessDesk11 August 2026
Infrastructure issuers widen spreads as rates stay elevated
Investors are demanding higher coupons for longer tenors, but regulated infrastructure names remain in demand.
Interest.co.nz4 August 2026
Quarterly-paying bonds attract self-managed investors
The shift to quarterly coupons has made infrastructure bonds a popular replacement for laddered term deposits.
The Post27 July 2026
Renewable energy assets underpin new infrastructure issues
Long-term power purchase agreements are giving investors confidence in cash flows across the sector.
Key risks
- Credit risk: repayment depends on Infratil and the performance of its underlying infrastructure assets.
- Regulatory risk: changes to utility or airport regulation could affect revenue.
- Refinancing risk: principal must be refinanced or repaid at maturity in 2033.
- 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.
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.
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.