Sharechat Logo

Kiwibank eyes $150 mln bond offer after S&P cuts rating

Thursday 1st November 2012

Text too small?

State-owned lender Kiwibank is looking at raising up to $150 million from a subordinated bond offer, after its credit rating was cut a notch by Standard & Poor's.

The Wellington-based bank is considering a public offer of unsecured, subordinated bonds, with the formal documents likely to be released next week, it said in a statement.

The debt sale comes days after S&P cut the credit ratings of Kiwibank and its parent, New Zealand Post, to A+ from AA-, citing the group's growing reliance on its banking operations and expectations of dwindling postal revenues.

Craigs Investment Partners has been appointed arranger, and is joint lead manager with Kiwibank. ANZ New Zealand is co-manager with Forsyth Barr.

Kiwibank had some $1.81 billion in issued debt securities as at June 30, according to its annual report.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Meridian Energy monthly operating report for June 2025
July 16th Morning Report
AIA - June 2025 Monthly traffic update
CHI - Q2 2025 Operational Update
July 15th Morning Report
BPG - Blackpearl Acquires US AI Platform to Accelerate Growth
TGG - Response to media speculation
ARB - Annual Meeting Date and Director Nominations
CNU - Q4 FY25 Connections Update
MOVE FY25 Results and Investor Briefing 29 August 2025