RESET EXCHANGEABLE SECURITIES
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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. |
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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.