Dunedin City Treasury Limited has today announced a new wholesale debt issuance. The offer size is $50m with a further $40m available in oversubscriptions. The issue consists of a floating rate note (FRN) with a 5 year maturity. The interest rate is reset three monthly based on the 3 month forward rate agreement (FRA) plus a margin of 1.15%. Currently this would equate to a yield of 3.80%.

The offer is available to wholesale investors with a minimum subscription of $500,000 (with additional funds limited to denominations of $100,000.)

Dunedin City Treasury Limited holds an AA credit rating with Standard and Poors and the funds raised are for general corporate purposes.

The offer opens on the 14th of March 2011 and closes on the 15th of March 2011.