Port of Tauranga Bond, 2029

Port of Tauranga is the country's busiest port, handling the bulk of New Zealand's log, dairy and container export volumes. It has historically run a conservative balance sheet relative to other listed infrastructure.

Export volumes drive earnings, so the credit is exposed to commodity cycles — but the port's position as the deepest-draft container terminal in New Zealand is difficult to challenge.

The 2029 line pays semi-annual interest and trades on the NZX Debt Market through a sharebroker in parcels from $5,000.

Port of Tauranga 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 5.75% coupon.

Held to July 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 unsecured. Ranking determines where you stand relative to other creditors if the issuer runs into trouble, and it matters more than the headline rate.