NZ Post Issues $100 million of Fixed Rate bonds
New Zealand Post Limited issues $100 million of Fixed Rate bonds
New Zealand Post Limited (“NZ Post”) announced today the successful issue of NZ$100 million fixed rate bonds.
The unsubordinated, unsecured bonds, maturing 15 November 2011, will have a coupon of 7.10% and were issued at a spread of 11 basis points over the mid swap rate.
NZ Post Chief Financial Officer, Peter Schuyt said that the success of issue illustrated the benefit of NZ Post’s excellent credit rating and its strong investor profile. “Domestic institutions were very comfortable with the credit and our approach to the market. This resulted in strong demand for the bonds and the issue was subscribed to a wide range of investors”
NZ Post is rated ‘AA-‘ by Standard & Poor’s rating agency.
The issue was lead managed by ANZ Institutional.