Issue 119

Indicative market yield (% pa) 8.40
Indicative market price (%) 102.00

Issuer TrustPower
Amount on issue (NZ$m) 100.0
Issuer type Corporate
Description Capital Bond
Security ranking Subordinated
Assumed maturity date 15 Dec 2015
Legal maturity date Perpetual
Credit rating N/R
Current coupon 8.40
Coupon type Fixed Quarterly
Next coupon reset date N/A
Coupon reset at N/A
Election/Conversion date 15 Dec 2015
First & future call dates 15 Dec 2015 & then on future election dates
Margin reset date N/A
Margin reset N/A
NZX Code TPW070
Holdings - minimum/increments ($) 5,000/1,000
Issue documentation Click here

Notes

The legal maturity is given as "perpetual" as the issuer can on an election date convert the bonds into ordinary shares.

On the election date the issuer has the option of either:

  • redeeming all the bonds for cash, or
  • convert the bonds into ordinary shares in the issuer. The number of shares issued will be determined by dividing the face value of the bonds by a share price that represents 98% of the then market price.

If the issuer fails to make the election descibed above. it will be deemed to have chosen to convert the bonds into shares.

The bond holder has no right to force redemption for cash.

Please refer to the investment statement for further details.

The information contained on this page details certain terms of the bonds extracted from sources that interest.co.nz believes to be accurate and reliable. interest.co.nz accepts no liability for any omissions or errors contained in this information. Any prices and/or yields displayed are indicative only and are subject to change. The information contained on this page must not be construed as a recommendation or advice by interest.co.nz to buy, sell, hold or otherwise deal in the bonds.