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.
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)
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
Bids due by 2pm NZT, 12 March 2019
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
email@example.com / 04 974 6744