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It will fall back to about A92 cents
33% (119 votes)
It will likely end up about where it is now around A97 cents
19% (69 votes)
It will overtake the Australian dollar and head towards A$1.02 or even higher
18% (67 votes)
It will hit parity A$1.00
17% (61 votes)
It will stop just short of parity at around A99 cents
13% (47 votes)
Total voters: 363

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ANZ NZ is the latest major bank looking to raise capital through floating rate note offer

Posted in Bonds

ANZ Bank New Zealand is looking to raise up to NZ$200 million through an issue of seven-year floating rate notes maturing in August 2020.

The offer opened on Monday August 19 and closes today (Wednesday, August 21).

These floating rate notes are NZ$ medium term, unsecured and unsubordinated debt.

They will be issued at a margin of 125 basis points over the 3-month Floating Rate Agreement (FRA) rate. The 3-month FRA is trading at approximately 2.62%.

Interest is paid quarterly and each time the rate is reset it will be calculated at the 3-month FRA plus the issue margin.

The notes are expected to carry a Standard and Poor's rating of AA-. The issue date is set down for Monday, August 26th. 

The notes won't be listed on the NZX debt market. Investors must subscribe for a minimum of NZ$10,000 worth, and multiples of NZ$1,000 thereafter.


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