ANZ Bank New Zealand is looking to raise up to NZ$200 million through an issue of seven-year floating rate notes maturing in August 2020.
The offer opened on Monday August 19 and closes today (Wednesday, August 21).
These floating rate notes are NZ$ medium term, unsecured and unsubordinated debt.
They will be issued at a margin of 125 basis points over the 3-month Floating Rate Agreement (FRA) rate. The 3-month FRA is trading at approximately 2.62%.
Interest is paid quarterly and each time the rate is reset it will be calculated at the 3-month FRA plus the issue margin.
The notes are expected to carry a Standard and Poor's rating of AA-. The issue date is set down for Monday, August 26th.
The notes won't be listed on the NZX debt market. Investors must subscribe for a minimum of NZ$10,000 worth, and multiples of NZ$1,000 thereafter.
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