State owned power generator Genesis Energy has announced its initial target of raising NZ$150 million from its first public issue of 5 and 7 year bonds had been exceeded and it would now proceed to accept oversubscriptions of up to a further NZ$75 million. Genesis set the interest rate for the March 2014 bond at the higher of either 7.25% or 1.8% above the swaps rate, whichever is the greater when the rate is set on December 23. It set the rate for its March 2016 bonds at 7.65% or 2.1% above the applicable swaps rate. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.
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