Auckland Airport opens NZ$100 million five-year retail bond offer
Auckland International Airport Limited (“Auckland Airport”) is offering up to NZ$100,000,000 of five-year fixed rate bonds (the “Retail Bonds”), with the ability to accept oversubscriptions at its discretion. The Retail Offer opens on 4 November 2026.
The indicative margin range is 0.80 per cent to 0.85 per cent per annum, and the Retail Bonds will mature on 17 November 2031. They are expected to be assigned a long term credit rating of A- by S&P Global Ratings, and are expected to be quoted on the NZX Debt Market under ticker code AIA300.
Auckland Airport is also offering up to NZ$150,000,000 of floating rate bonds maturing in November 2029 (the “Wholesale Bonds”) to certain wholesale investors only. The indicative issue margin for the Wholesale Bonds is 0.62 per cent to 0.65 per cent per annum, and retail investors may not participate.
Together, the two offers show the airport approaching both retail and wholesale debt investors, with an expected A- rating attached to the Retail Bonds.
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Key terms of the Retail Bonds
The Retail Bonds are described as “direct, unsecured, unsubordinated, fixed rate debt obligations” of Auckland Airport. The main terms are set out below.
| Term | Detail |
|---|---|
| Issue amount | Up to NZ$100,000,000, with the ability to accept oversubscriptions at Auckland Airport’s discretion |
| Indicative margin | 0.80 per cent to 0.85 per cent per annum |
| Maturity date | Monday, 17 November 2031 |
| Interest payments | Semi-annually on 17 November and 17 May; first payment 17 May 2027 |
| Minimum Principal Amount and minimum holding amount | NZ$10,000 and multiples of NZ$1,000 thereafter |
| Issue price | NZ$1.00 per Retail Bond |
| Purpose | General corporate purposes |
There is no public pool for the Retail Offer. 100 per cent of the Retail Bonds are reserved for clients of ANZ Bank New Zealand Limited, Bank of New Zealand and Forsyth Barr Capital Markets Limited (the Joint Lead Managers), NZX participants, other approved financial intermediaries and institutional investors.
Investors seeking more detail can contact a Joint Lead Manager or their usual financial adviser. Chief Financial Officer Stewart Reynolds is listed as the investor contact for the offer.
The airport’s finalised 2026 Master Plan sets out a demand-led growth path, with a domestic jet terminal already under construction and no second runway timing committed, which frames the capital programme that general corporate borrowing sits alongside.
How fixed rate bonds work and why the margin matters
A bond is a loan made to the issuer. The issuer pays regular interest and returns the principal at maturity.
For the Retail Bonds, the Interest Rate is the Base Rate plus the Margin, determined on the Rate Set Date. The Base Rate is the semi-annual mid-market swap rate for an interest rate swap matching the period from the Issue Date to the Maturity Date. The Interest Rate will not change after the Rate Set Date.
The actual Margin may be above or below the indicative range. Auckland Airport will set it, in consultation with the Joint Lead Managers, following a bookbuild (a process of gathering investor demand) run by the Joint Lead Managers.
Two features may matter to investors. The expected A- rating gives a view of credit quality, though the terms sheet states a credit rating is not a recommendation to invest in the Retail Bonds and may be subject to revision, suspension or withdrawal at any time. NZX quotation means the bonds are expected to be traded on the NZX Debt Market.
Auckland Airport also intends to apply to the Reserve Bank of New Zealand for the Retail Bonds to be included as eligible securities for domestic market operations (repo-eligibility).
Auckland Airport’s existing quoted bond ladder
Except for the interest rate and maturity date, the new bonds will have identical rights, privileges, limitations and conditions as six existing Quoted Bonds, which are of the same class. All six are quoted on the NZX Debt Market.
| Ticker | Coupon | Amount | Maturity |
|---|---|---|---|
| AIA240 | 3.29% | NZ$150,000,000 | 17 November 2026 |
| AIA250 | 5.67% | NZ$225,000,000 | 9 May 2028 |
| AIA260 | 5.29% | NZ$150,000,000 | 17 November 2028 |
| AIA270 | 6.22% | NZ$250,000,000 | 2 November 2029 |
| AIA280 | 5.45% | NZ$250,000,000 | 15 November 2030 |
| AIA290 | 4.04% | NZ$200,000,000 | 8 April 2031 |
The new AIA300 bonds, maturing on 17 November 2031, would mature after the latest existing maturity in the ladder, AIA290 on 8 April 2031.
If the Wholesale Offer proceeds, the maximum amount of bonds issued under the Retail Offer and Wholesale Offer together will not exceed NZ$350,000,000. Auckland Airport may, in its absolute discretion and without notice, choose not to proceed with the Wholesale Offer.
Key dates for the bond offer
The dates and times are indicative only and subject to change. Auckland Airport may amend the indicative margin and Issue Amount, close the offer early, extend the Closing Date, or choose not to proceed with the offer.
- Wednesday, 4 November 2026: Offer opens, immediately following release via NZX of the required notice.
- 10.30am, Friday, 6 November 2026: Closing Date.
- Friday, 6 November 2026: Rate Set Date and bookbuild. Auckland Airport will announce the actual Margin and Interest Rate via NZX on or shortly after the Rate Set Date.
- Tuesday, 17 November 2026: Issue Date and allotment date.
- Wednesday, 18 November 2026: Expected initial quotation and trading on the NZX Debt Market.
- 17 May 2027: First Interest Payment Date.
- Monday, 17 November 2031: Maturity Date.
- 17 November 2026: Existing AIA240 bonds mature.
Interested investors should contact a Joint Lead Manager or their usual financial adviser.
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