Kiwibank sets bond interest rate
Kiwibank has set the price for its inaugural $75 million unsecured subordinated bond issue at a rate of 7.72% per annum.
The issue is rated A+ by Standard and Poor’s.
Kiwibank intends using the bond proceeds to fund further expansion and growth. Settlement takes place on 20 March 2007.
Kiwibank Treasurer Richard Schofield said "the issue was healthily over subscribed with substantial investor interest across a broad range of accounts including a number of New Zealand broking firms".
ABN AMRO New Zealand was joint lead manager of the issue with Kiwibank. ABN AMRO Craigs was the co-manager of the issue.