RESET EXCHANGEABLE SECURITIES


Reset Exchangeable Securities (RES) are perpetual reset exchangeable notes, issued by the New Zealand branch of IAG Finance (New Zealand) Limited, a wholly owned subsidiary of IAG.

RES are listed on the Australian Securities Exchange under the code 'IANG'.

RES holders will be entitled to receive quarterly interest payments, based on a margin of 1.2% above the 90 day Bank Bill Rate which is expected to be fully franked.

RES annual report 2008 (935kb .pdf)
RES annual report 2007 (1.66MB .pdf)
RES annual report 2006 (293kb .pdf)
RES annual report 2005 (274kb .pdf)

Portfolio value

The value of the RES Portfolio at 31 May 2009 is $553,713,327.

The composition of the RES Portfolio at 31 May 2009 is detailed below for your reference.

Composition of the RES Portfolio

Counterparty Security type Standard & Poor's credit rating Market value of securities   Maturity date
ANZ Banking Group Limited Bank Bill / NCD A-1+ $77,898,455   15/06/2009
Commonwealth Bank of Australia Bank Bill / NCD A-1+ $99,869,814   15/06/2009
HSBC Bank Australia Limited Medium Term Note A-1+ $100,715,901   15/06/2009
National Australia Bank Limited Deposit A-1+ $7,691,146   At Call
National Australia Bank Limited Bank Bill / NCD A-1+ $99,869,814   15/06/2009
Esanda Finance Corp. Limited Commercial Paper A-1+ $56,916,137   15/06/2009
Westpac Banking Corporation Medium Term Note A-1+ $110,752,061   15/06/2009
TOTAL $553,713,327    


Interest payments

Details can be found in the dividends section of this website.


IAG Share Prices

Related links

Interim report 2009

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