Auckland Airport is considering making a public offer of up to $100 million of retail bonds with a 6 year maturity. The bonds will be direct, unsecured, unsubordinated debt obligations of AIA.

The Lead manager is the BNZ with Craigs Investment Parners being the co-lead.

No rate or margin to swap has been disclosed at this stage however we would expect  to see the rate set at around 200 bps to swap. This would translate to a yield in the vicinity of 6%.

The offer is expected to open in October 2011.