NZX Announcement
12 October 2022
LGFA fixed rate bond offers: Bookbuild update 3
2025 Bonds (maturing 15 April 2025)
NZX ticker code: LGF070
Bookbuild orders: As at 11:25am NZT in excess of NZ$670 million at the revised indicative Margin below (including NZ$65 million trading interest from the Joint Lead Managers).
Based on orders to date, New Zealand Local Government Funding Agency Limited (LGFA) expects to issue at least NZ$600 million of 2025 Bonds.
Indicative Margin: The indicative Margin range set out in the Series Notice was 0.27 – 0.30 per cent per annum. The indicative Margin is now revised 0.28 per cent per annum.
Indicative Issuance Yield: Based on the revised indicative Margin, and the swap rate calculated at 11:15am on 12 October 2022, 5.109 per cent per annum.
Closing Date: Bids due by 2pm NZT, 12 October 2022.
ISIN: NZLGFDT008C2
2029 Bonds (maturing 20 April 2029)
NZX ticker code: LGF110
Bookbuild orders: As at 11:25am NZT in excess of NZ$270 million at the revised indicative Margin below (including NZ$35 million trading interest from the Joint Lead Managers).
Based on orders to date, LGFA expects to issue at least NZ$200 million of 2029 Bonds.
Indicative Margin: The indicative Margin range set out in the Series Notice was 0.53 – 0.56 per cent per annum. The indicative Margin is now revised to 0.56 per cent per annum.
Indicative Issuance Yield: Based on the revised indicative Margin, and the swap rate calculated at 11:15am on 12 October 2022, 5.174 per cent per annum.
Closing Date: Bids due by 2pm NZT, 12 October 2022.
ISIN: NZLGFDT012C4
This bookbuild update relates to LGFA's offers to institutional and New Zealand retail investors of the above existing series of unsecured, unsubordinated, fixed rate bonds with the maturity dates and NZX ticker codes listed above (together, the 'Bonds'). Each series of Bonds is already quoted on the NZX Debt Market.
Full details of the Bond offers are contained in the Series Notices for the 2025 Bonds and 2029 Bonds which were attached to the launch announcement on 11 October 2022.
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