Argosy Property Green Bond, 2029

Argosy Property is a listed New Zealand property trust with an industrial-weighted portfolio. Its green bonds are issued against Green Star rated buildings and are secured, which is unusual in the retail market — most listed retail bonds are unsecured.

Property credit is sensitive to interest rates in two directions at once: rising rates lift Argosy's funding cost and simultaneously push down valuations, which tightens gearing covenants. Industrial tenancy demand has been the offsetting strength.

Interest is paid quarterly. The 2029 line trades on the NZX Debt Market through a sharebroker in parcels from $5,000.

Argosy Property Green Bond, 2029 is bought and sold through a New Zealand sharebroker rather than direct from the issuer. You pay the prevailing market price plus brokerage, which is why the yield to maturity above differs from the 6.15% coupon.

Held to September 2029, you receive the scheduled interest and face value at maturity, assuming the issuer meets its obligations. Sold earlier, you receive whatever the market pays that day — higher if interest rates have fallen, lower if they have risen. Listed does not guarantee liquid, so the prudent assumption is that you hold to maturity.

This bond ranks as senior secured. Ranking determines where you stand relative to other creditors if the issuer runs into trouble, and it matters more than the headline rate.