Westpac's planned '"Red and Black" bond issue, that had sought to raise at least NZ$50 million with a portion of investors' interest payments going to the Christchurch Earthquake Appeal Trust, has failed to get off the ground.
"Unfortunately the minimum amount needed for the bond issue was not reached," a Westpac spokeswoman told interest.co.nz .
"All money invested plus interest has been returned, and people can still donate to the rebuild via the Christchurch Earthquake Appeal Trust."
The bank hoped to raise at least NZ$50 million, with a ceiling set at NZ$400 million, through the issue of five-year bonds paying a fixed 5.8% interest rate per annum, of which 5.3% would've gone to the investor and 0.50% to the Christchurch Earthquake Appeal Trust.
Westpac had said the "Red & Black Bond" would've given investors' the chance to support Christchurch's recovery after the spate of earthquakes in the city over the past 11 months or so.
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