NZX Announcement
12 October 2021
On 12 October 2021, New Zealand Local Government Funding Agency Limited (LGFA) announced that it is offering:
a) NZ$300 million unsecured, unsubordinated, fixed rate bonds with a maturity date of 15 May 2028 (2028 Bonds) to institutional and New Zealand retail investors, with the ability to accept unlimited oversubscriptions at LGFA's discretion; and
b) NZ$300 million unsecured, unsubordinated, fixed rate bonds with a maturity date of 15 May 2035 (2035 Bonds) to institutional and New Zealand retail investors, with the ability to accept unlimited oversubscriptions at LGFA's discretion,
together, the 'Bonds'.
Full details of the Bond offers are contained in the Series Notices for the 2028 Bonds and 2035 Bonds which were attached to the launch announcement on 12 October 2021.
The bookbuild processes are underway. An update is set out below.
2028 Bonds
Bookbuild orders
As at 9.05pm NZT in excess of NZ$610 million within the indicative Margin range below (including NZ$100 million of 2028 Bonds reserved for subscription by LGFA and NZ$150 million trading interest from the Joint Lead Managers).
Indicative Margin
The indicative Margin range has not changed from the Series Notice at 0.24 – 0.26 per cent per annum.
Indicative Issuance Yield
Based on the indicative Margin, 2.367 – 2.387 per cent per annum, based on NZ market closing rates today.
Closing Date
Bids due by 2pm NZT, 13 October 2021.
ISIN
NZLGFDT018C1
2035 Bonds
Bookbuild orders
As at 9.05pm NZT in excess of NZ$320 million within the indicative Margin range below (including NZ$100 million of 2035 Bonds reserved for subscription by LGFA and NZ$70 million trading interest from the Joint Lead Managers).
Indicative Margin
The indicative Margin range has not changed from the Series Notice at 0.44 – 0.48 per cent per annum.
Indicative Issuance Yield
Based on the indicative Margin, 2.962 – 3.002 per cent per annum, based on NZ market closing rates today.
Closing Date
Bids due by 2pm NZT, 13 October 2021.
ISIN
NZLGFDT019C9
Arranger and Joint Lead Manager
BNZ
Phone: 0800 284 017
Joint Lead Managers
ANZ
Phone: 0800 269 476
CBA
Phone: 0800 272 266
Westpac Banking Corporation
Phone: 0800 772 142
ENDS
For all investor relations and media queries, please contact:
Mark Butcher, Chief Executive
mark.butcher@lgfa.co.nz / 04 974 6744