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

 


ASB Bank Limited sets rate on subordinated note offer

ASB Bank Limited sets rate on subordinated note offer

ASB Bank Limited ("ASB") today announced the interest rate applicable to its offer of subordinated unsecured debt securities ("ASB Notes") to raise up to NZ$300 million, with the ability to accept oversubscriptions of up to NZ$100 million ("Offer").

The interest rate until the Call Option Date (15 June 2019) has been set at 6.65% p.a. This reflects a margin of 2.05% p.a. over the five year swap rate on 24 March 2014 of 4.60% p.a. The interest rate will be reset on the Call Option Date, but the margin of 2.05% p.a. will not change over the term of the ASB Notes.

Applications to subscribe for ASB Notes must be for a minimum principal amount of NZ$5,000 (and in multiples of NZ$1,000 thereafter).

ASB Notes are due to be repaid in full on the maturity date (15 June 2024). ASB Notes may, depending on the circumstances, be repaid earlier, exchanged into ordinary shares in Commonwealth Bank of Australia ("CBA"), or if this exchange cannot occur, holders' rights under the relevant ASB Notes will be terminated.

Investments in ASB Notes are an investment in ASB and may be affected by the ongoing performance, financial position and solvency of ASB. ASB Notes may also be affected by the ongoing performance, financial position and solvency of CBA. They are not deposit liabilities or protected accounts of CBA for the purposes of the Banking Act 1959 (Cth). CBA does not guarantee ASB or the ASB Notes.

The full details of the Offer are contained in an investment statement dated 17 March 2014 and may be viewed at www.asb.co.nz/subordinated-notes.

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

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: Weak Dairy Prices Prompt Pull Back In Fonterra Forecasts

Weak global dairy prices have prompted analysts to pull back their expectations for Fonterra Cooperative Group's payout to farmers for next season. More>>

Broadband Network: Spark Launches New, Competitive Ultra Fibre Plan Line-Up

Spark is giving customers an even more compelling reason to switch to its Ultra Fibre plans from today with the introduction of new competitive pricing for the majority of its plans (details below) and Fibre Landline (voice-over-fibre technology) for ... More>>

Employment: ANZ Proposes Casualisation In Whangarei Stores

ANZ workers in Whangarei could see their incomes drop by 20 to 40 percent if the bank’s proposal to reduce the number of full-time positions goes ahead says FIRST Union national organiser Tali Williams. More>>

Finance: BNZ Develops Specialist Tāmaki Māori Banking Team

BNZ develops specialist Tāmaki Māori Banking Team to support Māori as Auckland grows More>>

Pharmaceuticals: Commerce Commission To Consider Pharmaceuticals Merger

The Commerce Commission has received an application from Pfizer Inc. seeking clearance to acquire all of the shares in Hospira Inc. More>>

Real Estate: Housing Unaffordability Issues Spread

Surging house prices in Auckland and Queenstown last month pushed home ownership even further beyond the reach of first home buyers in the two districts, according to the AMP360 Home Loan Affordability Report for March. More>>

Statistics NZ: Annual Exports To China Dip Below Australia

The value of goods exports to Australia ($8.7 billion) surpassed those to China for the year ended March 2015, Statistics New Zealand said today. More>>

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news