This page sets out the application criteria for acceptance of Kauri securities in our domestic operations.
Confirm that the issue meets the following criteria:
The issue's pricing convention follows our price and yield formulae—in particular fixed rate bonds must have either a quarterly or semi-annual coupon. You can find formulas in the Appendices of the operating rules and guidelines.
As is usual for securities in NZClear, only NZClear members with a valid resident withholding tax certificate are allowed to hold these securities in the NZClear depository.
Subsequent issues of the same security will not require our approval.
We reserve the right to refuse an application for any reason and do not have to disclose our reasons. In particular, if the credit rating of the issuer/issue falls below our threshold, then the issue will no longer be eligible in our market operations.
Authorised signatories of the issuer must sign the information provided above. We require a list of authorised signatories for the issuer and receive satisfactory evidence both in form and substance that the issuer's authorised signatories have the authority to execute this agreement and any other notice or communication issued about this agreement on behalf of the issuer.
Email applications to [email protected]