Press Release: LGFA fixed rate bond offer: Bookbuild update 2

On 11 March 2019, New Zealand Local Government Funding Agency Limited (LGFA) announced that it is offering NZ$500,000,000 unsecured, unsubordinated, fixed rate bonds with a maturity date of 15 April 2024 (Bonds) to institutional and New Zealand retail investors, with the ability to accept unlimited oversubscriptions at LGFA’s discretion.

Full details of the Bond offer are contained in the Series Notice which was attached to the launch announcement on 11 March 2019.

The bookbuild process is underway.  An update is set out below.  

Bookbuild orders

As at 10am NZT in excess of NZ$900,000,000 (including NZ$50,000,000 of Bonds reserved for subscription by LGFA and interest from the Joint Lead Managers)

Indicative Margin

The indicative Margin range set out in the Series Notice was 0.33 – 0.37 per cent per annum. Based on investor interest, the indicative Margin is revised to 0.34 per cent per annum

Indicative Issuance Yield

Based on the revised indicative Margin, 2.32 per cent per annum

Closing Date

Bids due by 2pm NZT, 12 March 2019

ISIN

NZLGFDT011C6

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