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.

• 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


© Scoop Media

Business Headlines | Sci-Tech Headlines


Trade: NZ Trade Deficit Widens To A Record In September

Oct. 27 (BusinessDesk) - New Zealand's monthly trade deficit widened to a record in September as meat exports dropped to their lowest level in more than three years. More>>


Animal Welfare: Cruel Practices Condemned By DairyNZ Chief

DairyNZ chief executive Tim Mackle says cruel and illegal practices are not in any way condoned or accepted by the industry as part of dairy farming.

Tim says the video released today by Farmwatch shows some footage of transport companies and their workers, as well as some unacceptable behaviour by farmers of dragging calves. More>>


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


International Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news