Kiwibank Subordinated Notes

Information on capital instruments issued by Kiwibank.

Subordinated notes


Kiwibank Limited


Moody’s rating of Baa3

Principal amount


Issue date

11 December 2020



Interest rate (for the first 5 years of the term)


Interest frequency


Interest payment dates

11 December, 11 March, 11 June, 11 September

Payments conditional

The payment of interest and any early repayment of the subordinated notes are subject to certain conditions being met.


If Kiwibank experiences financial difficulty before the Transition Date (expected to be 1 July 2021), the subordinated notes may be written off.

Rate Reset and Optional Redemption Date

11 December 2025

Maturity date

11 December 2030

Details of the subordinated notes are contained in the Limited Disclosure Document, available on the online Disclose Register maintained by the Companies Office at (offer number OFR13006).

For current trading information, please visit


The Registrar for the Subordinated Notes is:

Link Market Services Limited

Level 30, PwC Tower

15 Customs Street West

Auckland 1010

PO Box 91976

Auckland 1142

Phone: +64 9 375 5998 (for investor enquiries)

Fax: +64 9 375 5990


Offer Announcement - 30 November 2020

Rate-set Announcement – 4 December 2020