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Telstra to issue $NZ bonds

Telstra Ltd will market a $NZ bond programme at investor roadshows in Auckland & Wellington on Tuesday 9 November, aiming to raise $150-200 million through 7-10-year bonds.

TelstraClear director John Stanhope said institutional investors would be targeted. Telstra has run a $NZ commercial paper programme since 2002 with average amounts on issue of over $200 million.

In Australia, Telstra made a €500 million 10-year bond issue in July and has an $A500 million bond to be completed in early November.

Mr Stanhope said the New Zealand bonds would principally be used to finance TelstraClear and would largely replace derivatives-based $NZ debt.

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