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New Issues

Posted in Bonds

 

New Zealand Post Group Finance Limited

Issuer NZ Post Group Finance Limited
Issue type Unsecured, subordinated, redeemable, cumulative debt obligations (Notes).
Rank

50% equity initially and this is to decline over time.

The Notes are guaranteed by New Zealand Post Limited (NZ Post) on an unsecured, subordinated basis. The Crown does not guarantee the Notes or any obligation of the Issuer or Guarantor.

Maturity S&P has assigned “intermediate equity content” (50%) to the Notes. The equity content is expected to be reduced to minimal (0%) at the date falling 20 years before the Maturity Date 15 November 2039 (i.e.before 15 November 2019)
Early redemption Yes. In certain circumstances all or some Notes may be redeemed early, including on a Reset Date or on an Interest Payment Date if the Step-up Margin applies
Coupon (%) The Interest Rate to apply for the five years from 15 November 2014 will be set on 17 November 2014 as follows:
If the Remarketing Process is successful and reaches the required threshold to proceed, the higher of (i) the Minimum Interest Rate (which has been set at 6.35% p.a.) and (ii) the five year swap rate on 17 November 2014 plus the Margin which has been set at 2.00% p.a.
If the Remarketing Process is not successful, the five year swap rate on 17 November 2014 plus the current Margin (2.80%) plus the Step-up Percentage (1.00%).
Amount $200 million (currently on issue)
Opening date 3 October 2014
Closing date 12 November 2014
Listed Yes under NZP010
Credit rating BB+
Lead manager(s) ANZ, BNZ, CraigsIP, First NZ, Forsyth Barr
Information NZX announcement & Investment Statement

News

NZ Post remarketing of existing bonds

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.