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New Zealand Gazette – 1999 – No. 190

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✨ Financial Instruments Notes

10 DECEMBER NEW ZEALAND GAZETTE 4529

TRANSPOWER NEW ZEALAND LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1999

21. FINANCIAL INSTRUMENTS (cont...)

The notional gross contract amounts of interest rate swaps outstanding at balance date are:

	LINES BUSINESS		GROUP
	1999	1998	1999	1998
	$000	$000	$000	$000
Interest rate swaps	1,255,094		992,119

Cross currency interest rate swaps

Cross currency interest rate swaps are used to convert foreign currency denominated debt issued by Transpower into New Zealand dollar denominated debt. Cross currency interest rate swap contracts eliminate foreign currency risk on the underlying debt by determining the New Zealand dollar equivalent of the final principal exchange at the time of entering into the contract.

The principal amounts of cross currency interest rate swaps outstanding at balance date are:

Cross currency interest rate swaps
Principal receivable	781,624		1,170,492
Principal payable	(753,450)		(1,142,138)

Forward rate agreements

Forward rate agreements are used to fix interest rates on Transpower's underlying debt for periods commencing in the future. In the normal course of business Transpower enters into forward rate agreements to fix interest rates on floating rate debt for intervals of three months.

The notional contract amounts of forward rate agreements outstanding at balance date are:

	LINES BUSINESS
Forward rate agreements	(25,000)
	1998
	(134,000)

Interest rate options

Transpower enters into interest rate options to manage interest rate re-pricing risk. Transpower purchases interest rate options to minimise the impact on finance costs arising from floating rate debt if interest rates were to rise in the future. In the normal course of Transpower's interest rate risk management the sale of interest rate options is restricted by the requirement to simultaneously purchase an interest rate option of the same notional value.

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VUW Te Waharoa — NZ Gazette 1999, No 190

NZLII — NZ Gazette 1999, No 190

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Financial Instruments Notes (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Instruments, Interest Rate Swaps, Cross Currency Swaps, Forward Rate Agreements, Interest Rate Options

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