Auckland City Council looks at retail bond market

Thursday, 24 December 2009, 4:11 pm
Article: Businesswire

Auckland City Council looks at retail bond market – again

By Paul McBeth

Dec. 24 (BusinessWire) – Auckland City Council is looking to tap the retail market for funds again in a public bond offering.

The bonds will be direct, secured fixed rate debt obligations over rates revenue, with full details of the offer when it opens in February or March next year.

The council raised $150 million in a bond issue earlier this year. A council Finance and Strategy Committee meeting earlier this month recommended the local body raise about $350 million.

The joint lead managers for the issue will be Bank of New Zealand, Westpac Banking Corp., First NZ Capital Securities and Goldman Sachs JBWere.

(BusinessWire)

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