Press Release: LGFA confirms Issue/Settlement Price, Coupon/Interest Rate and Issuance Yield

LGFA confirms Issue/Settlement Price, Coupon/Interest Rate and Issuance Yield

New Zealand Local Government Funding Agency Limited announced today that it will issue NZ$ 1,000,000,000 of unsecured, unsubordinated, fixed rate bonds maturing 15 April 2024 (Bonds).

The Coupon/Interest Rate for the Bonds has been set at 2.25% per annum.

The Issuance Yield for the Bonds has been set at 2.32% per annum, based on a Margin of 0.34% per annum as previously announced.

The Issue/Settlement Price (which includes 151 days of accrued interest) has been determined (using the formula in the Series Notice) as 1.00598516 per Bond.

All of the Bonds have been allocated to participants (or their clients) in the bookbuild process and there is no public pool.

The Bonds are expected to be issued on 15 March 2019.  The Bonds are expected to be quoted on the NZX Debt Market on 18 March 2019 under the ticker code LGF100.

 

Joint Lead Managers

Bank of New Zealand

Phone: 0800 284 017                                                     

Westpac Banking Corporation

Phone: 0800 942 822

 

For all investor relations and media queries, please contact:
 

Mark Butcher, Chief Executive

mark.butcher@lgfa.co.nz / 04 974 6744

 

 

12 Mar 2019