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New Zealand Gazette – 2000 – No. 162

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✨ Financial Instruments Notes

NEW ZEALAND GAZETTE

No. 162

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2000

20. FINANCIAL INSTRUMENTS (cont...)

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

	LINES BUSINESS 2000	LINES BUSINESS 1999
	$000	$000
Interest rate swaps	1,510,448	1,255,094

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 of 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	Principal payable
	911,633	(790,938)
		(753,450)

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:

Forward rate agreements	270,000
	(25,000)

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.

VUW Te Waharoa — NZ Gazette 2000, No 162

Gazette.govt.nz — NZ Gazette 2000, No 162

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Notes to the Financial Statements (continued from previous page)

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

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