NZX Announcement
12 May 2021

On 11 May 2021, New Zealand Local Government Funding Agency Limited (LGFA) announced that it is offering NZ$300 million unsecured, unsubordinated, fixed rate bonds with a maturity date of 15 May 2031 (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 May 2021.

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

Bookbuild orders

As at 12:30 pm NZT in excess of NZ$750 million at the revised Margin below (including NZ$100 million of Bonds reserved for subscription by LGFA and NZ$135 million trading interest from the Joint Lead Managers).

LGFA expects to issue at least NZ$700 million of Bonds (including NZ$100 million of Bonds reserved for subscription by LGFA).


The Margin has now been set at 0.36 per cent per annum.

Indicative Issuance Yield

Based on the revised Margin, 2.319 per cent per annum.

Closing Date

Bids due by 2pm NZT, 12 May 2021.



Arranger and Joint Lead Manager

Phone: 0800 284 017

Joint Lead Managers

Phone: 0800 269 476

Phone: 0800 272 266

Westpac Banking Corporation
Phone: 0800 772 142


For all investor relations and media queries, please contact:

Mark Butcher, Chief Executive / 04 974 6744