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You are here: Home»Markets»Fixed Income»Australia»NZ's Auckland Council opens bond issue

new-zealand-flagWELLINGTON: New Zealand's Auckland Council said on Monday it would look to raise up to NZ$175 million ($143 million) through a bond issue to fund infrastructure.

 

It said it would offer six year, fixed rate secured bond, with the offer closing on Oct 12, when the interest rate would be finalised.

 

The rate would be the aggregate of the applicable 6-year swap rate at that time plus a margin of 1.08 per cent per annum on that date.

 

The Council is offering NZ$125 million of bonds with oversubscriptions of NZ$50 million. The issue's lead manages are the ANZ Bank and the Bank of New Zealand.

 

The bonds are to be secured over the Council's rates revenue, and an application to list them on the NZX has been made.

 

Copyright Reuters, 2012


 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln