A Guide to
Fixed Interest
Contents
Fixed Interest Securities
1
Other Corporate Instruments
2
Funds – Portfolio Investment Entities
3
Primary and Secondary Markets
3
What are the Risks?
3
Credit Ratings
3
Rating Definitions
4
How Fixed Interest is Priced
4
Taxation
5
Common Fixed Interest Terminology
5
Who are we?
6
What is Fixed Interest?
Since the deregulation of New Zealand’s financial markets
in the mid-1980’s, the domestic fixed income market has
developed steadily, and now provides retail investors with
a wide range of opportunities to invest in fixed interest
products well beyond bank term deposits and savings
accounts.
Fixed interest investments offer a range of products that
are intended to provide investors with regular payments
of interest and capital repaid on maturity. Fixed interest
securities (often described as ‘bonds’) are typically
issued by government, local authorities and companies
(including banks). They are debt obligations and offer
issuers an alternative source of funding away from banks.
The securities represent a contractual claim on the
issuer (the borrower) to make specified payments such
as periodic interest payments and principal repayments
over a defined period. This highlights the key difference
between fixed interest securities and equities. When you
buy a share in a company (equity) you become a partowner of that company’s assets and profits. However,
when you buy a company’s bonds, you have become a
lender to that entity and can expect to receive contracted
payments of interest and a return of capital at maturity.
If a company goes into liquidation, the holders of fixed
interest securities will have a prior ranking claim over
equity investors.
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Guide to Fixed Interest – 03/15
Fixed interest securities tend to have similar
characteristics.
•
Regular and known cash flows through the payment
of interest (or dividends) on defined dates.
•
Return of capital or par value at maturity. (This is not
always a fixed date as many bonds have optional
redemption payments, and some securities have no
maturity date i.e. are perpetual.)
•
Securities are usually issued with a face value of
$1.00.
Existing fixed interest securities can be bought and sold
in the secondary market. This provides investors with
liquidity and the ability to restructure portfolios in line with
changing preferences for risk and return. This trading may
be available through the New Zealand Exchange (NZX),
or through the “over-the-counter” (OTC) market. The
OTC market includes trading by the banks, institutional
investors and other non-NZX participants. Fixed Interest
securities which cannot be traded are bank term deposits
and Government issued Kiwibonds. However, in certain
circumstances with the consent of the Issuer and usually
with a penalty fee, they may be repaid ahead of the due
date.
Fixed Interest Securities
While bank term deposits are the most familiar fixed
interest security, there are a number of other options
worthy of consideration in this asset class. These include
senior ranking instruments such as:
• Government Bonds
• Local Authority Stock or Bonds
• Corporate Bonds
Other Corporate Debt Instruments, typically subordinated,
are also available. Common types are:
• Reset and Step-up Securities
• Capital Notes
• Capital Bonds
• Redeemable Preference Shares
• Perpetual Preference Shares
You can also invest in fixed interest through a fund, such
as a PIE (Portfolio Investment Entity).
Term deposits are typically issued by registered banks.
The investment amount, term and maturity date, interest
rate and payment frequency are agreed when the deposit
is made. Most investors seek terms of one year or less.
Secondary Market: While term deposits are nonnegotiable, early repayment may be available under certain
conditions, with consent of the issuer. Some banks require
31 days notice for early redemption. If the bank agrees to
break the term deposit, there may be penalties in the form
of a reduced interest rate on the funds you are withdrawing.
NZ Government Bonds (NZGB) are issued by the
Crown. They are tendered initially in the primary market to
registered tender counterparties who purchase in wholesale
size parcels (minimum $1 million). Retail parcels can then be
made available in the secondary market by these parties,
generally banks and other financial institutions. The Crown is
considered the most credit-worthy entity in New Zealand as
it can meet its obligations through its ability to raise revenue
from taxation. Thus, interest rates on all securities issued by
the Crown are lower than those of similar securities issued
by non-Government domestic entities, such as companies
and banks.
Secondary Market: Negotiability is excellent with a high
level of liquidity.
NZ Government Inflation Index Bonds are government
bonds that provide investors the opportunity to obtain
some protection against inflation. The capital value is
adjusted in line with movements in inflation, as measured
by the Consumer Price Index (CPI). The bonds have a fixed
quarterly coupon payable on the principal and indexed
component. Resident withholding tax is deducted from
interest payments and on the increase in the inflationindexed component. There are currently four tranches of
inflation indexed bonds on issue.
Kiwi Bonds are issued by the New Zealand Government
to provide individual retail investors with an investment
in government debt in a form similar to a term deposit.
A range of terms are available up to a maximum of four
years. The interest rates on Kiwi Bonds are set at a
margin below the rates on Government Bonds with a
similar maturity date. Kiwi Bond investments are made by
completing an application form. The minimum investment
is $1,000 and maximum is $500,000. There are no fees or
brokerage payable by investors.
Secondary Market: There is no secondary market and
these securities are usually held until maturity. Early
repayment can be arranged in certain circumstances with
the Reserve Bank registry, in which case there will be a
penalty interest rate adjustment made.
Local Authority Bonds The NZ Local Government
Funding Agency (LGFA) was established in late 2011 and
is a Council Controlled Organisation. It is owned by the
Crown and 30 local authorities and its primary purpose
is to provide funding to local authorities. These are the
most readily available securities offering local authority
exposure. In addition bonds are issued by various local
authorities, (i.e. regional councils, city and district councils),
to fund their capital expenditure. These bonds are similar
to government bonds in that most local authorities are
considered to be very credit-worthy because they have the
ability to levy rates. Most issues are secured by a rating
charge. They offer slightly higher yields than government
stock as the underlying risk is with the local authority
rather than with central Government. The size of these
issues tend to be small which means these securities are
less liquid.
Secondary Market: Local Authority Stock can be traded
on the secondary market, although availability can be
limited. LGFA bonds are more liquid, available in small
parcels and trade at a margin above NZGB.
Corporate Bonds
Bonds are issued by companies as a means of raising
money and are used to diversify from bank borrowings
and to lengthen duration of funding. There are a range
of maturities available, from less than one year to over
10 years. Terms and conditions, including the interest
coupon and payment frequency, are specified when the
bond is issued in the primary market. In New Zealand the
majority of retail bonds are fixed rate with coupons paid
either semi-annually or quarterly. Corporate bonds offer
a higher return than government bonds. The difference
between the two rates is known as ‘credit spread’. This
‘credit spread’ reflects the increased credit and liquidity
risks associated with individual corporate securities. In
many cases the issuer and/or the debt issue is assigned
a credit rating from an independent rating agency (usually
Standard & Poor’s, see later section on credit ratings).
Retail investors may have the opportunity of investing
in corporate bonds when the offers are brought to the
primary market.
Secondary Market: Very good liquidity.
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Corporate bonds ranking ahead of any subordinated debt
tend to be generically described as senior.
• Senior Bonds: These can be either secured, providing
the bondholder with a legal claim on specified assets
of the issuer in the event of a default, or unsecured and
unsubordinated. The latter is the most common structure
for bond issuance and relies on creditworthiness and
reputation of the issuer rather than any specific secured
assets to pay the interest and principal. If a company
goes into liquidation, senior and unsubordinated debt
holders are paid before subordinated debt holders or
shareholders.
Senior Bonds rank above all other debt for payment
of both interest coupons and principal other than
indebtedness preferred by law. At maturity the principal is
redeemed to the holder in cash.
Secondary Market: Trading varies according to the
credit rating of the bonds and liquidity but usually is good.
Other Corporate Instruments
There are a range of other corporate issued fixed income
securities available. These are generally subordinated and
can allow the issuer more flexibility regarding interest/
dividend repayments and have differing redemption
options. Subordinated debt ranks below Senior Bonds.
This can have a significant impact on their liquidity in the
secondary market.
Reset and Step-up Securities are typically issued with a
fixed coupon rate which is payable until a specified date.
On this date, in accordance with the terms of the security,
the interest rate may reset at a previously agreed margin
over a benchmark rate, or the issuer may undertake a
remarketing or election process in which new terms and
conditions may be offered. Each security will have the
options and processes at the reset/step up date specified
in its offer documentation. In addition to new terms and
conditions being offered, the issuer may also have the
option to redeem to the holder in cash, or arrange for a
resale facility. Step-up securities have the original margin
increased by a specified amount, often 0.25% to 1.00%, at
a specified reset usually in 5 or 10 years. The step-up date
coincides with an optional call by the issuer.
Secondary Market: Ease of trading varies according to
the amount on issue and the credit rating of the bond.
Liquidity is less for unrated and non-investment grade
securities (i.e. credit rating of BB+ or lower).
Capital Notes are unsecured and subordinated to all other
debt obligations of the issuer. Rather than a maturity date,
capital notes have an ‘election date’ at which time the
issuer may offer new terms and conditions. Noteholders
may elect either to accept the new terms and conditions
or to convert the notes into ordinary shares of the issuer. In
any event the issuer retains the right to redeem the capital
notes for cash on the election date. Holders do not have
the right to request repayment.
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Guide to Fixed Interest – 03/15
Secondary Market: Trading is sensitive to supply
and demand from investors. There may be delays
experienced from when an order is placed and then
executed.
Capital Bonds are similar to capital notes in that they are
subordinated to other debt obligations, and at the ‘reset
date’ the issuer can offer new terms and conditions or
redeem the capital bonds. Holders can elect to retain the
bonds at the new terms or request the company sell their
bonds at the issue price using a resale facility established
by the company for that purpose. If the company is
unable to sell the bonds through the resale facility then,
depending on the terms, the capital bonds may remain
outstanding until the next reset date. Holders do not have
the right to request repayment.
Secondary Market: Liquidity is the same as for capital
notes.
Redeemable Preference Shares (RPS) are, as their name
suggests, an equity investment rather than fixed interest.
RPS can have different forms of security although they
tend to be subordinated. RPS pay a dividend rather than an
interest payment, and holders may receive a combination
of cash dividends and imputation credits. The dividend
rate usually resets at a specified margin over a benchmark
rate. Most resettable RPS enable the issuer to redeem or
repurchase the security at each dividend reset date after
an initial non-call period. If not redeemed earlier, the issuer
is required to redeem for cash on maturity.
Secondary Market: Liquidity may be limited by appetite
for resettable securities, the holders’ ability to use
imputation credits and subordination of the instrument.
Perpetual Preference Shares (PPS) and Notes are usually
deeply subordinated, ranking behind all debt securities
but ahead of ordinary shares of the issuer in the event of
a claim on the assets of the company. The PPS are again
technically equity investments that pay a dividend and may
make distributions to holders which are a combination
of cash dividend and imputation credits. The perpetual
preference notes pay an interest coupon. The distribution
rates are reset at a specified margin over a benchmark
rate, typically annually or five-yearly. There is no specified
maturity date for perpetual securities. However the issuer
has the right to repay on specified dates and in specified
circumstances, including a Regulatory Event or a Tax
Event. In addition, bank issued Additional Tier 1 capital
notes, while perpetual, have a mandatory conversion
date when the notes are converted into ordinary shares
of the issuer. Notwithstanding this, the ability to exit the
investment may be confined to selling on the secondary
market.
Secondary Market: Trading varies and is dependent on
liquidity.
Funds – Portfolio Investment Entities
Portfolio Investment Entities (PIE’s) came into existence on
1 October 2007. A PIE is a pooled fund (such as a managed
fund) that by gaining PIE status obtains the benefit of PIE
regime tax rules. Generally they pay tax on investment
income based on the Prescribed Investor Rate (PIR) of their
investors, rather than at the entity’s tax rate. Natural person
and most trustee investors are not required to include the PIE
dividends in their income tax return, which may provide tax
advantages for investors in the higher tax brackets. These
securities can be senior or subordinated.
Secondary Market: The PIE Manager provides a market
for investors.
Primary and Secondary Markets
Primary Market: When an offer is made in the primary
market the proceeds of the bond sale go to the issuer.
When bonds are offered to the public in a retail offer, the
purchaser usually completes an application form and buys
the bonds at par. The costs of issuing the bonds are met
by the issuer. However, increasingly corporates are issuing
senior bonds via ‘retailable’ offers whereby the purchase
is evidenced from a contract note i.e. in effect a secondary
market transaction. Brokerage may be charged if the issuer
does not pay distribution costs.
Secondary Market: One of the key points of investing
in negotiable fixed interest securities is that these can
be traded after issuance. The secondary market is much
larger than the primary market as each bond can be bought
and sold multiple times before maturity. Purchases or
sales in the secondary market attract brokerage charges,
which are usually based on a percentage of the value of
the individual transaction.
What are the Risks?
Every investment involves risk. Investors need to be aware
of the key risks of the investments they choose to invest in.
Four key risks involved in fixed interest investments that
can impact on the performance and capital value of a fixed
interest investment are:
Credit Risk: If the issuer of a debt security experiences
financial difficulty or defaults on scheduled interest or
principal payments, holders may not be paid the promised
interest or the full amount of their principal. This is referred
to as credit risk.
value down so the value of this fixed income stream
meets the yield now available in the secondary market.
Conversely, when interest rates decrease, the yield on a
bond will also fall as the bond’s price increases. Generally,
the longer the maturity of a bond, the greater its degree
of interest rate risk. Any change in the capital value of a
fixed interest investment is only realised if it is sold before
maturity, therefore this risk is particularly applicable to
holders who may have the need to sell investments prior
to their maturity date or for perpetual securities where the
only avenue to exit is via the secondary market.
Inflation Risk: Because bonds generally have a fixed
interest rate, there is a risk that this return may not keep
pace with the rising cost of goods and services (inflation)
over the period until maturity.
Liquidity Risk: Secondary market trading may be affected
by a lack of buyers or sellers. The security may not be able
to be quickly bought or sold without causing a significant
movement in the price. In general terms, the higher the
credit worthiness of the debt security, the lower the
liquidity risk.
Credit Ratings
To help investors understand the extent of credit risk
associated with different bonds, third-party agencies, such
as Standard & Poor’s (S&P’s), assign credit ratings. While
each agency has its own methodology, in general the
ratings are forward looking opinions about credit risk and
the ability and willingness of an issuer to meet its financial
obligations in full and on time.
Ratings can be assigned to both the issuer and to a
specific bond issue. The reason an issue’s credit rating
might differ from the issuer credit rating is that individual
issues may have additional guarantees, (increasing the
rating) or may be subordinated (decreasing the rating as
the relative likelihood of default is greater).
In general terms, the higher the credit rating, the lower
the default risk, and therefore the higher the probability
of receiving repayment of capital on maturity, and the
promised interest payments at the time they are due.
Lower quality bonds generally pay a higher interest rate
(due to a higher credit spread) to compensate investors for
the greater credit risk.
(Refer Table on the next page for S&P’s Ratings definitions.)
Interest Rate Risk: For securities that are issued with a
fixed rate of interest, their prices fluctuate in response to
changes in market interest rates. Generally when interest
rates increase, the market value of a bond falls. This is
because its yield will rise to meet the market. A rising yield
results in a lower value because as a bond’s coupons and
maturity value are fixed, the market adjusts the capital
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Rating Definitions
S&P’s credit ratings are forward looking opinions about credit risk. An issuer credit rating is a current assessment of a company’s
overall creditworthiness, and ability to pay its financial obligations in full and on time. Ratings are also assigned to individual debt
issues by the same issuer. These ratings are based on the likelihood of default, the nature and provisions of the obligations and the
protection from the relative position of the obligation in the event of default, or other arrangements affecting the creditors’ rights.
Credit ratings of issues are noted on internally produced documents including the summary page available on each security and
daily quotation sheets.
The ABC’s of rating scales
A general summary of the opinions reflected by Standard & Poor’s Ratings
Investment
Grade
Speculative
Grade
‘AAA’
Extremely strong capacity to meet financial commitments. Highest rating.
‘AA’
Very strong capacity to meet financial commitments.
‘A’
Strong capacity to meet financial commitments, but somewhat susceptible to adverse economic
conditions and changes in circumstances.
‘BBB’
Adequate capacity to meet financial commitments, but more subject to investment adverse
economic conditions.
‘BBB-’
Considered lowest investment grade by market participants.
‘BB+’
Considered highest speculative grade by market participants.
‘BB’
Less vulnerable in the near-term but faces major ongoing uncertainties to adverse business,
financial and economic conditions.
‘B’
More vulnerable to adverse business, financial and economic conditions but currently has the
capacity to meet financial commitments.
‘CCC’
Currently vulnerable and dependent on favourable business, financial and economic conditions
to meet financial commitments.
‘CC’
Currently highly vulnerable.
‘C’
Currently highly vunerable obligations and other defined circumstances.
‘D’
Payment default on financial commitments.
Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
Credit Watch: highlights an emerging situation, which may materially affect the profile of a rated corporation and can be designated as positive, developing
or negative. Following a full review the rating may either be affirmed or changed in the direction indicated.
Source: Standard & Poor’s (Australia) Pty Limited
How Fixed Interest is Priced
When an issuer brings a new security to the market the
interest coupon is set as an aggregate of either:
i)
the current market risk free rate (i.e. government
bonds with the same time to maturity or to the first
reset date) or
ii) a bank benchmark which is usually the 90-day Bank
Bill Mid-Rate or a Bank Swap Rate with the same
time to maturity or to the first reset date;
plus an added margin reflecting the credit risk of the
security.
In the secondary market the yield comprises the
appropriate benchmark and the credit margin. There may
be further premium added if the security is perceived to
be illiquid.
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Guide to Fixed Interest – 03/15
The Time Value of Money
The fundamental concept when pricing fixed interest
is that a dollar held today is worth more than a dollar
promised at some point in the future, for example, in
a year’s time. Bonds, capital notes and securities with
similar characteristics are priced by converting all the
future coupon (or dividend) payments plus the maturity
repayment into a current value as at today – this is the
capital value of the bond. For example, a bond that will
have a value of $100 in a years time and pays annual
interest of 5% will be worth $95 today.
This concept flows through into the pricing of most
bonds which tend to be yield-traded. (Refer Common
Fixed Interest Terminology on the next page). However,
some securities are price-traded usually because they
have uncertain or unknown cash flows, such as for
floating rate notes, or an unknown redemption date.
Taxation
Craigs Investment Partners does not provide tax advice.
We provide general tax information from an investment
perspective only. We recommend clients seek specialist
advice from their usual taxation professional. The
comments here are general in nature.
Fixed interest is taxed under the Financial Arrangement
(FA) Rules which state that any return from a fixed
income investment is taxable. That includes interest paid,
capital gains on bonds and currency gains on foreign cash
and fixed income.
Resident withholding tax is deducted at source from
coupon payments unless the investor has a certificate
of exemption, in which case interest is paid without
deduction.
The accrual rules apply to larger portfolios ($1m, or
income of $100,000) and all family trusts. Investors who
fall under the accrual rules must pay tax each year on
accrued interest and capital gains. Cash basis investors
only pay tax when interest is received and gains are
realised. Both accrual and cash-basis investors must do a
‘wash-up’ (base price adjustment) in the year the security
is sold or matures.
Common Fixed Interest Terminology
Accrued Interest: Interest earned from the last interest
payment to the settlement date, but not due and payable
until the next coupon payment date.
Bank Swap Rate: An interest rate swap is a contractual
agreement between two parties to exchange two
different types of interest payments (i.e. floating versus
fixed rates) for a set amount of time. New Zealand
benchmark interest rate swap rates are set by the major
banks and determined by the rates on New Zealand
Government bonds, together with changes in demand for
paying or receiving fixed interest rates.
Bond: A written contract by an issuer to pay to the lender
a fixed principal amount on a stated future date, and a
series of interest payments on the principal amount until
that payment date.
Dividend: Any dividend payable on the shares from time
to time. Such dividends may consist of a combination of
cash payments and imputation credits.
Maturity Date: The date on which the principal or par
value of a debt security becomes due and payable in full
to the holder.
Present Value: The current worth of the future cash
flows (coupon payments and payment of principal
amount at maturity) as at the settlement date.
Price: The value of the bond on the settlement date.
There is a standard bond pricing formula for yield-traded
securities. The formula gives the present market value
of a series of future cash flows, with coupon interest
payments, principal at maturity and accrued interest part
of the price. Reset and perpetual securities trade on a
price and there is no ‘yield’ formula generally used in the
market. Part of the difficulty is that the cash flows are
uncertain, if the interest rate/dividend rate is reset during
the life of the investment and any principal repayment
date may be unknown.
Primary Market: The market in which new issues are
initially distributed.
Principal (face, or par value): The amount the
bondholder receives on maturity (and generally the
amount paid in a primary offer).
Risk Free Rate: The interest rate that reflects no
added premium for credit, liquidity or business risk.
In New Zealand, government bonds are usually used
as a proxy for a risk free rate because the Government
has the ability to raise funds through taxes to meet its
funding obligations.
Secondary Market: The market in which existing
securities are traded after issue date.
Settlement Date: The date on which a trade is settled.
Once a trade has been transacted, a contract note is
sent out to the seller and the purchaser. This advises the
settlement date, which is usually three days from the
trade date and is when the consideration (money paid
for the bond) and ownership of the security will change
hands. This date is also used to calculate the accrued
interest portion of the bond price.
Yield: The effective annual rate of return from a bond
expressed as a percentage. Not to be confused with
the coupon rate as the two will differ in the secondary
market.
Interest Coupon: The annual rate of interest that the
borrower is obliged to pay to the bondholder. Coupon
payments are usually semi-annually or quarterly.
Liquidity: The degree of availability of a bond or any
other investment on the secondary market and the ease
with which they can be bought and sold without unduly
influencing the price.
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Who are we?
Craigs Investment Partners Limited is one of New Zealand’s leading investment advisory
and sharebroking firms, offering professional investment advice for private investors,
along with a broad range of portfolio management, broking services and saving solutions.
We have 17 branches throughout New Zealand, over 120
Investment Advisers and over $9.5 billion* in funds under
management. We are an accredited NZX Participant Firm
and operate under the rules of the NZX.
What do we do?
at a glance
Craigs Investment Partners
A leading Investment Advisory and
Sharebroking Firm
We offer a range of investment services for our clients.
Which service is best for you will depend on how actively
you want to be involved and how comfortable you are
Global Research, Local Market
Knowledge
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Advisers
Disclaimer: This Guide is for clients of Craigs Investment Partners Limited resident in New Zealand and is not intended for public circulation
or publication or for the use of any third party, without our express prior approval. This Guide is a general overview and while it is based
on information from sources which we consider reliable, its accuracy and completeness cannot be guaranteed. We do not accept liability
for the results of any actions taken or not taken upon the basis of information in this Guide or for any negligent mis-statements, errors
or omissions. Those acting upon information and recommendations do so entirely at their own risk. We have not taken into account the
investment objectives, financial situation or particular needs of any particular person. Accordingly, before making any investment decision we
recommend professional assistance from a registered investment adviser is sought.
*As at January 2015.
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Guide to Fixed Interest – 03/15
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