Archive | Debt securities

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.

Continue Reading

Investore sets bond rate at minimum

Investore Property Ltd has set the interest rate for its new 6-year bonds at 4.4%, the minimum stated in the indicative terms sheet.

The company has issued $100 million of the senior secured fixed rate bonds, including the full $25 million of oversubscriptions. There was no public pool.

The indicative issue margin range above the 6-year swap rate was 1.5-1.7%/year, and the margin was set at the bottom of that range, 1.5%.

Investore owns a 40-property portfolio of supermarkets & other bulk retail properties. It’s just sold 2 other properties.

Attribution: Company release.

Continue Reading

Investore to launch $100 million bond offer

Listed bulk retail & supermarket investor Investore Property Ltd announced a $100 million bond offer on Monday – up to $75 million, plus $25 million of oversubscriptions.

The 6-year, senior secured fixed-rate bonds maturing on 18 April 2024 will be offered to New Zealand institutional & retail investors. Investore expects the offer to open on 21 March and close on 12 April. There’s no public pool.

Link: Investore bond offer

Attribution: Company release.

Continue Reading

Goodman launches $100 million bond issue

The Goodman Property Trust launched a $100 million bond issue on Monday ($75 million + $25 million in oversubscriptions).

The 5.5-year fixed-rate senior secured bonds (Goodman+Bonds) will mature on 1 September 2023.

Goodman expects they will have an investment grade issue credit rating of BBB+ from Standard & Poor’s. The trust’s current corporate credit rating is BBB.

The indicative issue margin range is 1.20-1.30%/year, subject to a minimum interest rate of 4.00%/year. The issue margin & interest rate will be set following a bookbuild process on Friday. The offer will close on Friday and the bonds will be issued on Thursday 1 March.

Attribution: Trust release.

Continue Reading

Christchurch council launches bond offer

Christchurch City Council company Christchurch City Holdings Ltd lodged the product disclosure statement on Thursday for a $150 million bond offer on Thursday – $100 million plus $50 million of oversubscriptions.

The council company’s chief financial officer, Leah Scales, said on Thursday S&P Global Ratings was expected to assign an A+ rating to the 5-year unsecured unsubordinated fixed-rate bonds.

The offer is expected to open on Monday 27 November, closing on 29 November. All the bonds are reserved for clients of the joint lead managers & other approved financial intermediaries. There’s no public pool.

Attribution: Company release.

Continue Reading

Precinct bond issue fully subscribed

The margin for Precinct Properties NZ Ltd’s new $100 million of bonds has been set at 1.50%/year over the 7-year swap rate, and the interest rate has been set at 4.42%/year.

Precinct offered $75 million of secured unsubordinated fixed-rate bonds plus $25 million in oversubscriptions, which were all taken up.

All the bonds have been allocated to intermediaries for distribution to their clients. No public pool is available. The bonds will be issued on 27 November.

Earlier story:
13 November 2017: Precinct launches bond issue

Attribution: Company release.

Continue Reading

Precinct launches bond issue

Precinct Properties NZ Ltd launched its $100 million bond issue today – up to $75 million of secured unsubordinated fixed-rate 7-year bonds, with the ability to accept $25 million more – to institutional & New Zealand retail investors. There’s no public pool.

The indicative margin range above the 7-year swap rate is 1.5-1.6%/year, subject to a minimum interest rate of 4.4%/year. The margin & interest rate will be set on Friday 17 November following a bookbuild process.

Link: Indicative terms sheet

Earlier story:
10 November 2017: Precinct expects to open bond offer next week

Attribution: Company release.

Continue Reading

Updated: PFI $100 million bond issue fully subscribed

Published 2 November 2017, updated 12 November 2017:
Property for Industry Ltd confirmed its $100 million 7-year bond issue on 2 November. On 10 November, the interest rate was set at 4.59%/year, reflecting a margin of 1.65%/year above the 7-year swap rate.

PFI offered $75 million of senior secured fixed rate bonds to institutional & New Zealand retail investors and $25 million in oversubscriptions, and it was fully subscribed. There was no public pool. The company will use the proceeds to repay existing bank debt.

PFI expects the offer to open next Monday, 13 November, and to close on Friday 24 November. The indicative margin range above the 7-year swap rate for the bonds was 1.65-1.8%/year, subject to a minimum interest rate of 4.55%/year. The margin & interest rate were set following a bookbuild process on Friday 10 November.

Link: PFI bond offer product disclosure statement, terms sheet & presentation

Earlier stories:
1 November 2017: PFI settles portfolio purchase
6 October 2017: PFI uses new credit facility & rights issue to buy low-site-coverage freight portfolio

Attribution: Company release.

Continue Reading

Precinct expects to open bond offer next week

Precinct Properties NZ Ltd expects to release full details next week of an offer of secured unsubordinated fixed-rate 7-year bonds to institutional & New Zealand retail investors.

The NZX-listed company has appointed ANZ Bank NZ Ltd as arranger and ANZ, together with First NZ Capital Securities Ltd & Forsyth Barr Ltd, as joint lead managers. Precinct has also appointed Hobson Wealth Partners Ltd as the co-manager.
Attribution: Company release.

Continue Reading

PFI considers $100 million bond issue

NZX-listed industrial property landlord Property for Industry Ltd said on Friday it was considering issuing up to $100 million of bonds to institutional & New Zealand retail investors.

The offer would be up to $75 million of senior secured fixed rate bonds, expected to have a term to maturity of 7 years, with the ability to accept up to $25 million in oversubscriptions. The company would use the proceeds to repay existing bank debt.

It expects to release full details this week.

Attribution: Company release.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux