Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Kiwibank Announces Subordinated Bond Offer

MEDIA RELEASE


5 November 2012

Kiwibank Announces Subordinated Bond Offer

Kiwibank Limited has today announced an offer of up to $150 million of unsecured, Subordinated Bonds to the New Zealand public. The proceeds of the offer will be used to provide Kiwibank with additional capital to meet its growth aspirations. Kiwibank intends to treat the Subordinated Bonds as 'tier 2' capital instruments under the Reserve Bank’s Basel III framework.

The Subordinated Bonds have a maturity date of 15 December 2022 but may be called by Kiwibank from 15

December 2017, and earlier in certain circumstances. The Subordinated Bonds are expected to have a credit

rating of BB+ from Standard & Poor’s.

The Subordinated Bonds will pay interest semi-annually. The Interest Rate for the first five years until 15 December 2017 and Margin will be set and announced to the market on Tuesday 13 November following a bookbuild.

The Offer is expected to open on Wednesday 14 November 2012 and close on Wednesday 5 December 2012 at 5pm. Interested investors should contact their usual financial adviser or one of the joint lead managers or co-managers to the Offer listed below to request a copy of Kiwibank’s Investment Statement for the Subordinated Bonds.

• Craigs Investment Partners Limited (Arranger and Joint Lead Manager) 0800 226 263

• Kiwibank Limited (Joint Lead Manager) 0800 756 829

• ANZ (Co-manager) 0800 ANZ IPO 0800 269 476

• Forsyth Barr Limited (Co-manager) 0800 367 227

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news