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.

Draft Statement of Intent 2024-2027
1.06 MB

Released on behalf of NZ Local Government Funding Agency Limited by Mark Butcher, Chief Executive.

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