Kiwibank Limited subordinated notes offer – indicative margin range


Kiwibank Limited (Kiwibank) has announced an offer of up to $200 million of unsecured subordinated notes (Notes) to New Zealand investors. The Notes will constitute Tier 2 Capital for Kiwibank’s regulatory capital requirements.

The offer opens today, 2 May 2023, and is expected to close at 11.00am on 5 May 2023.

The indicative Margin range for the Notes is 2.20% to 2.40% per annum. The actual Margin (which may be above or below the indicative Margin range) and the interest rate for the first five years will be set following the Bookbuild on 5 May 2023, and will be announced by Kiwibank via NZX shortly thereafter and available at

The interest rate will be a fixed rate for the first five years, and then reset to a new fixed rate for a further five years.

The Notes are expected to be issued on 12 May 2023 and quoted on the NZX Debt Market on 15 May 2023.

Details of the offer and the Notes are contained in the Limited Disclosure Document (LDD), which is available on the Disclose Register at under offer number OFR13513. Copies of the LDD, the investor presentation for the offer and the indicative terms sheet are available at, or by contacting one of the Joint Lead Managers to the offer (listed below) or your usual financial advice provider.

There is no public pool for the Notes. All Notes will be reserved for subscription by clients of the Joint Lead Managers, Primary Market Participants and other approved financial intermediaries. Investors can register their interest by contacting a Joint Lead Manager or their usual financial advice provider.

This offer is being made in accordance with the Financial Markets Conduct Act 2013.

Joint Lead Managers