posted on December 08, 2011 13:53
Bank of New Zealand has announced a new 7 year fixed rate bond offer under its Registered Transferable Deposit programme.
Offer details:
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Issuer
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Bank of New Zealand
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Issuer Rating
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AA- (Stable) – S&P; Aa3 (Stable) – Moody’s
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Instrument
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NZ$ fixed rate Registered Transferable Deposits (“RTDs”)
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Status
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The RTDs will be unsecured, unsubordinated obligations of the Issuer and ranking at least equally in right and priority of payment with all present and future unsecured and unsubordinated indebtedness of the Issuer
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Issue Amount
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$50,000,000, with the right to accept unlimited oversubscriptions
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Issue Margin
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The higher of:
(a) The Minimum Coupon of 6.100% per annum; or
(b) The aggregate of the Benchmark Rate on the Rate Set Date and the Issue Margin of 2.000% per annum
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Repo Eligibility
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The Issuer intends to make application to the Reserve Bank to have the Bonds included as eligible securities for Domestic Market Operations
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Minimum Subscription
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$5,000 and in multiples of $1,000 thereafter
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Lead Manager
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Bank of New Zealand
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Important Dates:
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Opening Date
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Wednesday 7 December 2011
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Closing Date
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10.00 am Friday 16 December 2011 (or such earlier date as the Issuer may determine in its discretion)
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Rate Set Date
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Friday 16 December 2011
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Settlement Date
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Tuesday 20 December 2011
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Maturity Date
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20 December 2018
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