BNZ announces 9.1% rate for tier 1 perpetual bond issue

BNZ announces 9.1% rate for tier 1 perpetual bond issue
BNZ announced on Tuesday afternoon that its NZ$150 million tier 1 perpetual non cumulative bond issue will have a dividend rate of 9.10% per annum until June 2014. Dividends will be paid quarterly. The rate comprised of a benchmark rate of 5.01% and a margin of 4.09%. Reuters had previously reported a market source as saying the margin would be between 400 and 425 basis points. For more on other bond offers in New Zealand, see our corporate bond rush page with a list of recent retail bond offers.

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