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

 


ASB Bank announces a Retail Subordinated Notes offer

17 March 2014

ASB Bank announces a Retail Subordinated Notes offer

ASB Bank Limited (“ASB”) today announced it is making an offer of subordinated, unsecured debt securities (“ASB Subordinated Notes”) of up to NZ$300 million, with the ability to accept oversubscriptions of up to $100 million.

ASB Subordinated Notes are due to be repaid in full on the Maturity Date (15 June 2024) and may be repaid earlier in certain circumstances. ASB Subordinated Notes will be treated as Tier 2 Capital for ASB, and in certain circumstances will be exchanged for ordinary shares in Commonwealth Bank of Australia ("CBA"). CBA does not guarantee ASB or the ASB Subordinated Notes.

The opening date is 25 March 2014. The 5 year swap rate and margin (together the “interest rate”) that will apply until the Call Option Date (15 June 2019) will be set and announced on or before the Opening Date (25 March 2014) following the bookbuild process. The margin will not change over the term of the ASB Subordinated Notes.

ASB Subordinated Notes have been assigned a credit rating of BBB+ by Standard & Poor’s.

The full details of the offer are contained in an Investment Statement dated 17 March 2014.

Application has been made to NZX for permission to quote the ASB Subordinated Notes on the NZX Debt Market and all the requirements of NZX relating to that application that can be complied with on or before the date of this announcement have been duly complied with. However, ASB Subordinated Notes have not yet been approved for trading and NZX accepts no responsibility for any statement in this announcement. NZX is a registered exchange and the NZX Debt Market is a registered market under the Securities Markets Act 1988.

Enquiries about the ASB Subordinated Notes can be made by contacting any Joint Lead Manager.

Arrangers:
• Commonwealth Bank of Australia and Goldman Sachs New Zealand Limited

Joint Lead Managers:
• ASB Securities Limited on 0800 272 099
• Macquarie Capital (New Zealand) Limited on 0800 742 737
• Goldman Sachs New Zealand Limited on 0800 555 555
• Deutsche Craigs Limited on 0800 226 263
• Forsyth Barr Limited on 0800 367 227

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news