Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Telstra Announces NZ$ Commercial Paper Program

Wednesday, 4 September 2002

Telstra Announces NZ$ Commercial Paper Program

Telstra today announced plans for a NZ$ Commercial Paper (CP) Program to be arranged by ANZ.

A dealer panel is being established and initial members will be:
- ANZ
- Bank of New Zealand
- Westpac Trust.

The program will be unlimited, allowing Telstra to borrow up to a level comfortably supported by the local capital markets.

Telstra’s Chief Financial Officer, Mr David Moffatt, said the CP Program would be an efficient, flexible and reliable source of short-term funding and complement Telstra’s existing A$, US$ and Euro CP Programs.

"We want to support the local market and this is a positive demonstration of our confidence and long-term commitment to New Zealand, including strong support for our joint venture TelstraClear. It makes sense that some of Telstra’s funding requirements be raised in NZ$," he said.

“This facility will also give New Zealand's financial institutions the opportunity to invest in Telstra in their home currency and to indirectly support the funding of competitive telecommunications services which benefits all New Zealanders, ” Mr Moffatt said.

A road show in Wellington and Auckland is planned for late September, or early October, with issuance shortly after.

The proceeds of the NZ$ CP issues will be used for Telstra’s general corporate funding purposes including TelstraClear which is the second largest telco in New Zealand and 58 percent owned by Telstra.

Telstra’s short-term ratings are P1 Moody’s, A1+ Standard and Poor’s and F1+ by Fitch. Telstra's long-term ratings are Aa3 Moody’s, AA- Standard and Poor’s and AA- by Fitch. All ratings are on stable outlook.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Federated Farmers: NAIT Levy Increases Must Achieve Accurate, User-friendly System
Nobody welcomes extra costs but if OSPRI is to catch-up on under investment in the NAIT platform and deliver on its workability and farmer support, levy increases are probably necessary, Federated Farmers says... More>>



Westpac: More Job Opportunities, But Growth In Workers’ Earnings Remains Subdued

The Westpac McDermott Miller Employment Confidence Index rose 1.2 points in the December quarter, to a level of 106.9. This was the sixth straight rise in the index since the Covid-19 lockdown in 2020. Michael Gordon, Acting Chief Economist for Westpac, noted that the rise in the index has largely been driven by perceptions... More>>




Statistics: Card Spending Continues To Increase As COVID-19 Restrictions Ease

The busy Christmas period combined with easing COVID-19 restrictions helped to increase card spending in December 2021, Stats NZ said today... More>>

TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>


Insurance Council of New Zealand: September South Island Windstorm Cost $36.5 M Raises 2021 Extreme Weather Claims Total To $321.6 M

Gale force winds and storms between 9 and 13 September 2021 resulted in insurers supporting communities to the tune of $36.5 m. This is a significant rise, of $16.7 m, on preliminary figures for the event and lifts the end of year total for all extreme weather events in 2021 to $321.6 m... More>>


Statistics: Building Consents Hit New Highs In November
There were a record 48,522 new homes consented in the year ended November 2021, Stats NZ said today. This was up 26 percent compared with the year ended November 2020... More>>