NZX Announcement
30 June 2020
LGFA BOND ISSUANCE PROGRAMME UPDATE AND REVISED LGFA BOND TENDER SCHEDULE FOR 2020-21 FINANCIAL YEAR
Following discussions with our participating councils and completion of the three-year forecasts for the 2020-21 Statement of Intent (“SOI”), the New Zealand Local Government Funding Agency Limited ("LGFA”) is expecting the issuance volume of LGFA bonds for next three years to be:
• $2.53 billion for the financial year ending 30 June 2021
• $2.10 billion for the financial year ending 30 June 2022
• $2.15 billion for the financial year ending 30 June 2023
These issuance amounts are unchanged from that advised to the market by LGFA (NZX: LGF) on 24 April 2020. The issuance volume is however subject to change and will be determined by LGFA at the relevant time as it will depend upon the amount and timing of borrowing by councils and council-controlled organisations and the size of the LGFA Liquid Asset Portfolio.
| Tender No | Announcement Date | Tender Date | Settlement Date |
|---|---|---|---|
| 73 | 06 Jul 2020 | 08 Jul 2020 | 13 Jul 2020 |
| 74 | 11 Aug 2020 | 13 Aug 2020 | 17 Aug 2020 |
| 75 | 7 Sep 2020 | 9 Sep 2020 | 14 Sept 2020 |
| 76 | 05 Oct 2020 | 07 Oct 2020 | 12 Oct 2020 |
| 77 | 10 Nov 2020 | 12 Nov 2020 | 16 Nov 2020 |
| 78 | 14 Dec 2020 | 16 Dec 2020 | 21 Dec 2020 |
| 79 | 01 Feb 2021 | 03 Feb 2021 | 08 Feb 2021 |
| 80 | 08 Mar 2021 | 10 Mar 2021 | 15 Mar 2021 |
| 81 | 13 Apr 2021 | 15 Apr 2021 | 19 Apr 2021 |
| 82 | 10 May 2021 | 12 May 2021 | 17 May 2021 |
| 83 | 04 Jun 2021 | 09 Jun 2021 | 14 Jun 2021 |
Note that LGFA has scheduled an extra bond tender on 9 September 2020 when compared to the previous announcement on 24 April 2020.
LGFA may also consider replacing one or more tenders with a syndicated offering of bonds during
the 2020-21 financial year.
LGFA will provide a further funding programme update by 30 September 2020 and intends to provide updates on a quarterly basis thereafter.
ENDS
Released on behalf of Local Government Funding Agency Limited by Mark Butcher, Chief Executive.
Telephone +64 4 974 6744
Email mark.butcher@lgfa.co.nz
Website lgfa.co.nz