Archive | Debt securities

Fonterra bonds at 4.15%

Fonterra Co-operative Group Ltd set the interest rate for its issue of $100 million of 7-year unsubordinated, unsecured fixed rate bonds yesterday at 4.15%/year, a 1.35% margin over the underlying 7-year swap rate.

The bonds will be issued next Wednesday. There was no public pool for the offer.

Attribution: Company release.

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Kiwi Property opens bond issue

Kiwi Property Group Ltd opened an offer of up to $125 million of 7-year fixed-rate senior secured bonds to institutional & NZ retail investors on Monday. There’s no public pool.

The company expects S&P Global Ratings to assign the bonds an issue credit rating of BBB+. Kiwi Property’s current corporate credit rating is BBB (stable).

The indicative margin range is 1.45-1.55%, subject to a minimum interest rate of 4.00%. Kiwi Property will announce the actual margin & interest rate following the bookbuild process, and close the offer on Friday.

The offer is for up to $100 million, plus $25 million of oversubscriptions.

Attribution: Company release.

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Infratil allots first $180 million of new bonds

Infratil Ltd has allotted just under $180 million worth of the 2 bond issues totalling up to $250 million it announced in September.

One of the 2 separate series of unsecured unsubordinated bonds is a 6-year bond and the second a 10-year bond.

The $250 million maximum is made up of an aggregate $125 million plus the same sum in oversubscriptions.

Infratil has $111 million of bonds maturing on 15 November, and NZ-resident holders of those bonds will be able to exchange maturing bonds for new ones, subject to availability.

The shorter of the new bonds will mature on 15 December 2024 and the second on 15 December 2028.

Infratil will allot the balance of the bonds under the general offer today, and follow up with allotments under the exchange offer on 15 November.

Earlier story:
26 September 2018: Infratil considers $250 million of bond offers

Attribution: Company release.

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Kiwi Property considers bond offer

Kiwi Property Group Ltd said today it was considering an offer of 7-year fixed-rate senior secured bonds to institutional & NZ retail investors, to be made next week.

Kiwi said it expects the bonds to have a BBB+ by S&P Global Ratings.

Attribution: Company release.

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Auckland Airport issues $150 million of bonds

Auckland International Airport Ltd closed its new bond issue on Wednesday with $150 million allocated.

The offer to institutional & NZ retail investors was for $125 million plus up to $50 million of oversubscriptions. There was no public pool.

The interest rate was set at 3.51%/year, reflecting a 0.95% margin over the underlying swap rate. The 6-year fixed-rate bonds will be issued on 10 October.

The company has 5 existing bond issues for a total $675 million maturing between December 2019 & April 2023.

Attribution: Company release.

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Infratil considers $250 million of bond offers

Infratil Ltd is considering making a new offer of unsecured unsubordinated bonds in 2 separate series in December, the first a 6-year bond and the second a 10-year bond.

Infratil treasurer Fiona Cameron said on Monday the company expected to set the interest rate on the 10-year (2028) bonds for 5 years, then reset the rate in 2023.

The company will seek an aggregate $125 million plus the same sum in oversubscriptions – total $250 million.

Infratil has $111 million of bonds maturing on 15 November, and NZ-resident holders of those bonds will be able to exchange maturing bonds for new ones, subject to availability.

The shorter of the new bonds will mature on 15 December 2024 and the second on 15 December 2028.

Infratil expects to release full details of the offer, and to open it, next week.

Attribution: Company release.

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Auckland Airport launches bond issue

Auckland International Airport Ltd joined the queue of listed companies raising money through bond issues today, seeking up to $175 million.

The offer is $125 million of 6-year fixed rate bonds & up to $50 million in oversubscriptions. It will be open to institutional & NZ retail investors. There’s no public pool.

The indicative margin range is 0.95-1.05%/year. The bookbuild process is expected to be completed on Wednesday.

Attribution: Company release.

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Summerset doubles bond oversubscription allocation

Summerset Group Holdings Ltd lifted its bond issue to $125 million on Friday by doubling the level of oversubscriptions from $25 million to $50 million.

The margin has been set at 1.65%/year and the interest rate at 4.20%/year.

The minimum interest rate indicated before the bookbuild was 4.15%/year, and the indicative margin range for the bonds was 1.65-1.75%/year.

The 7-year fixed-rate bonds will go to New Zealand institutional & retail investors who participated in the bookbuild process. All the bonds have been allocated to intermediaries for distribution to their clients. There’s no public pool.

The bonds will be issued on Monday 24 September.

Earlier story:
4 September 218: Summerset to seek $100 million in bond issue

Attribution: Company release.

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Summerset to seek $100 million in bond issue

Published 4 September 2018
Retirement village developer, owner & operator Summerset Group Holdings Ltd said yesterday it was considering a bond issue of up to $100 million, including $25 million of oversubscriptions.

The bonds, aimed at New Zealand institutional & retail investors, would be unsubordinated, have a 7-year term and be fixed rate, with a guarantee & security package provided by the Summerset guaranteeing group.

Summerset made its first retail bond issue in June 2017.

Chair Rob Campbell said the offer was expected to open next week.

Attribution: Company release.

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Council bond issue fully subscribed

Auckland Council’s offer of $200 million of 5-year unsubordinated fixed-rate vanilla corporate green bonds opened last Monday and closed fully subscribed on Thursday. They’ll be issued on Wednesday with a maturity date of 27 June 2023.

The interest rate is 3.17%/year, reflecting a margin of 0.5%/year over the swap rate for the 5-year period.

The bonds will be quoted on the NZX debt market (NZDX).

Attribution: Council release.

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