NZX Announcement
28 February 2024
Under the Local Government Act 2002, LGFA is required to publish a Draft Statement Of Intent (SOI) by 29 February 2024 and publish a Final SOI by 30 June 2024. The draft is attached below:
The three-year financial forecasts within the SOI assume a business-as-usual approach to councils managing their water related assets and debt. This is consistent with how councils are currently preparing their 2024-34 Long Term Plans (and borrowing forecasts).
LGFA will update the market as assumptions relating to the water reform change.
The Draft SOI outlines an assumed bond issuance programme of:
FY25 NZ$5.25 billion
FY26 NZ$5.04 billion
FY27 NZ$4.72 billion
There is no change to the current FY24 bond issuance programme of NZ$5.0 billion. To date LGFA has issued NZ$3.76 billion of bonds this financial year but could take the opportunity to prefund some of FY25 borrowing requirement if market conditions are supportive.
ENDS
Released on behalf of NZ 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