Wellington Airport Bond, 2031

Wellington International Airport is two-thirds owned by Infratil and one-third by Wellington City Council. It has been issuing bonds to New Zealand retail investors for well over a decade.

Airport revenue is a mix of regulated aeronautical charges and commercial income from retail, parking and property. That makes it more cyclical than a pure regulated utility — passenger volumes matter — but the asset itself is irreplaceable.

Interest is paid semi-annually. The 2031 line trades on the NZX Debt Market through a sharebroker in parcels from $5,000.

Wellington Airport Bond, 2031 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 6.25% coupon.

Held to May 2031, 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.