Friday 27th March 2009 |
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The sale of the three-year notes follows a roadshow in the US. The notes mature on 2 April 2012 and have a cost of approximately 2.5% over the New Zealand wholesale curve inclusive of the guarantee fee and other conversion costs, the bank said in a statement.
"The level of support for this offer is very encouraging for the Bank and is also significant for New Zealand as a whole," chief executive Graham Hodges said. The sale is a reassuring sign of confidence in the New Zealand economy, he said.
The notes are expected to have a rating of AA+ with 'negative' outlook at Standard & Poor's.
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