ANZ National pays up for volume in first offshore GG deal from a NZ bank
On March 26 ANZ National (AA/Aa2/AA-) issued a US$1 billion 3.25 per cent deal at 150 basis points over mid-swap, guaranteed by the New Zealand sovereign. This is the first offshore government-guaranteed (GG) deal done by a New Zealand bank, and the first GG deal completed by ANZ National.
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NZ corporate bond market activity strong
Following a busy few months the New Zealand bond market continues to be vibrant, with retail-targeted deals from corporates generally receiving strong support. This week Auckland City Council closed its five-year bond issue significantly oversubscribed, while NZ Post set the rate for its subordinated bonds at 7.5 per cent and announced that the full allocation of oversubscriptions would be issued. In addition, Vector announced it may issue NZ$150 million of five-year senior bonds.
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