New Issues

Posted in Bonds

 

Auckland Council

Issuer

Auckland Council

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
Listed AKC080
Credit rating AA (expected from S&P for this issue)
Lead manager(s) ANZ, BNZ, CBA, Westpac
Information Indicative Term Sheet

News

Auckland Council new retail capital note bond issue.

Notes

  • 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.