In this section
|Issue type||Secured, unsubordinated, debt obligations of Auckland Council|
|Rank||Ranks equally with other similar securities|
|Maturity||September 24, 2020|
|Early redemption||Upon the occurrence of any of the events of default as set out in the trust documents) the Trustee may move to declare the bonds due and payable|
|Coupon (%)||TBA - margin of approximately 0.30% over relevant swap rate|
|Amount||$150 million (+ $100 mln in over subscriptions at issuers discretion)|
|Opening date||10 March 2015|
|Closing date||13 March 2015|
|Minimum parcel size||$5,000 and then in multiples of $1,000|
|Credit rating||AA (expected from S&P for this issue)|
|Lead manager(s)||ANZ, BNZ, CBA, Westpac|
|Information||Indicative Term Sheet|
Auckland Council new retail capital note bond issue.
- Swap or NGZS plus a margin means the actual rate will be set at that margin over the relevant maturity swap rate or Government bond rate, usually a couple of days before the issue date. Click here for swap rates and here for Government bond rates.
- The amount on offer is usually allocated to brokers who then accept subscriptions up to their allocations. The lead manager(s) control the allocation of bonds. There can be a public pool which is not allocated and subscriptions under the public pool are made directly to the issuer or lead manager(s).
- Listing on NZDX unless stated otherwise.