This page provides information for investors, including our financial position, bonds and disclosures.
For further investor information, please contact us.
Investor Highlights
Transpower is rated by Standard & Poor’s and Moody’s.
Our long term credit ratings are:
Standard & Poor's AA- Stable
Moody’s A1 Positive
In addition to Transpower’s strong investment grade profile:
- Transpower is a natural monopoly and is regulated by the Commerce Commission and the Electricity Authority
- The substantial part of Transpower’s revenue is regulated with stable and predictable cash flows
- Transpower is managed by an experienced management and governance teams
- Transpower is owned by the New Zealand Crown and operates as a State Owned Enterprise.
Read more about our financial and investor highlights in our business factsheet
Investor updates
Full year 2017 investor update (30 June 2017) [ pdf 1.89 MB ]- Half year 2017 investor update (31 December 2016) [ pdf 1.9 MB ]
Listed Bonds
The following domestic bonds are listed on the NZX Debt Market:
- Read more about bond TRP010 on the NZX website
- Read more about bond TRP020 on the NZX website
- Read more about bond TRP030 on the NZX website
- Read more about bond TRP040 on the NZX website
Pricing Supplements
Details of our outstanding domestic bonds are listed below:
Bonds issued from 2011 onwards
- NZD$200 million 5.14% coupon bond maturing 30 November 2018 (TRP010)
- NZD$200 million 4.65% coupon bond maturing 6 September 2019 (TRP020)
- NZD$150 million 4.30% coupon bond maturing 30 June 2022 (TRP030)
- NZD$100 million 4.069% coupon bond maturing 16 September 2022 (TRP040)
- NZD$50 million 5.448% coupon bond maturing 15 March 2023
- NZD$100 million 5.893% coupon bond maturing 15 March 2028
Bonds issued prior to 31 December 2010
- NZD$50 million 7.19% coupon maturing 12 November 2019
- NZD$100 million CPI linked coupon bond maturing 15 May 2020
- NZD$150 million 6.95% coupon bond maturing 10 June 2020
Trust Deeds
The Trust Deeds for domestic bonds are available here.
- Deed of Amendment and Restatement (2011 Master Trust Deed)
- Deed of Amendment and Restatement (1995 Trust Deed)
- Supplemental Trust Deed No. 5 (23 February 2017)
Disclosure
We disclose information to NZX, Companies Office and the Crown Ownership Monitoring Unit to ensure transparency of our business and to provide the public with information about the company's performance. You can view a full list of these disclosures on their websites:
NZX disclosures are available on our website here.
Debt listings and waivers
Transpower has debt listed on the NZX Debt Market quoted under the ticker codes TRP010, TRP020 and TRP030 (together, Bonds). As a listed issuer, Transpower is subject to certain requirements and obligations under the NZSX/NZDX Listing Rules, including a continuous disclosure obligation. Transpower has obtained the following waivers:
- A waiver from rule 3.2.1(d), to allow a meeting of Bond holders to be called under the trust deed in respect of the Bonds on a requisition in writing signed by holders of not less than 5% of the nominal value of the Bonds then outstanding (as required by the Financial Markets Conduct Act 2013).
