30 June 2022
LGFA releases the 2022-25 Statement of Intent, announces bond issuance programme for 2022-23 and increase in individual bond maturity cap
The New Zealand Local Government Funding Agency (LGFA) has released its Statement of Intent (“SOI”) to shareholders that covers the three-year period from 1 July 2022 to 30 June 2025.
It is available here on the LGFA website:
Bond issuance programme
The SOI includes the strategic priorities, objectives, performance targets and financial forecasts for the organisation. As part of the financial forecasts, it is assumed the projected gross bond issuance (excluding treasury stock) for the next three years will be:
FY23 NZ$2.90 billion
FY24 NZ$2.93 billion
FY25 NZ$2.80 billion
Increase in individual bond maturity cap
LGFA has also decided to increase the cap on its individual bond maturities from $2 billion to $2.5 billion. The decision reflects the breadth and depth of the current LGFA investor base and current market conditions. It also provides issuance flexibility to LGFA given the uncertainty regarding the impact of the Three Waters Reform on local government sector borrowing over the next three years.
Released on behalf of NZ Local Government Funding Agency Limited by Mark Butcher, Chief Executive.
Telephone +64 4 974 6744