21. Borrowings continued Bank facilities
On 30 June 2023, the balance of drawn facilities was repaid, and facilities cancelled where no longer required. The remaining facilities are undrawn at 30 June 2023.
Capital bonds
Capital bonds of $307.2 million are perpetual subordinated bonds with the next election date set as 15 June 2027. The interest rate was fixed at 6.23% at the previous election date of 15 June 2022.
Wholesale bonds
$240.0 million of fixed rate wholesale bonds were issued at a fixed rate of 4.996% maturing in March 2024. $170.0 million of fixed rate wholesale bonds were issued at a fixed rate of 1.575% maturing in October 2026. $250.0 million of fixed rate senior bonds were issued at a fixed rate of 3.45% maturing in May 2025. $225.0 million of fixed rate senior bonds were issued at a fixed rate of 3.69% maturing in November 2027.
Senior bonds
Senior notes
The tranches of USD denominated senior notes and the corresponding NZD values are shown below:
Date issued
NZ $M
US $M
Date of Maturity
March 2020
573.9 223.2 277.2 138.6
360.0 140.0 200.0 100.0
October 2032 October 2035 October 2027 October 2029
October 2017
The following tranche was repaid during the year:
Date issued
NZ $M
US $M
Date of Maturity
December 2010
250.5
182.0
December 2022
Covenants
All borrowings are unsecured and are subject to negative pledge arrangements and various lending covenants. These have all been met for the years ended 30 June 2023 and 30 June 2022.
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Vector Annual Report 2023
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