Airport bond goes off at 5.52 percent
By Pattrick Smellie
May. 23 (BusinessDesk) - Auckland International Airport is paying a 5.52 percent coupon on a NZ$150 million seven year bond issue taken up entirely by its lead managers and institutional investors.
The interest "reflects a margin of 0.9 percent per annum over the seven year swap rate," said the airport's chief financial officer, Simon Robertson, in a statement.
To be issued on May 28 and maturing in 2021, the bonds carry an A-minus long-term credit rating from Standard & Poor’s.
There was no public pool for the bond offer, which was reserved for clients of the lead and co-lead managers, ANZ Bank, Deutsche Craig and Forsyth Barr, institutional investors and other market participants.