| Details | |||
|---|---|---|---|
| Website | Kiwi Capital Securities | ||
| Credit Agency Name | Credit Rating | Outlook | |
| Corporate credit rating(s) | Moody's Investors Services | A1 | Stable |
| Description |
Kiwi Capital Securities is a special purpose vehicle set up to issue the shares. Its ownership structure is illustrated below.
The issuer invests the proceeds of the shares in a perpetual loan to Kiwi Capital Management, which in turn invests in perpetual non-cumulative prefernece shares issued by Kiwibank. The investment and interest / dividend flows are illustrated below. The issuer pays tax on the inetrest recived from the perpetual loan to Kiwi Capital Management.
The corporate credit rating(s) shown below are those of Kiwibank. |
