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
No comments yet
EBOS announces appointment of new Chief Financial Officer
AM Best affirms Tower Limited's A- (Excellent) FSR
MCK enters into conditional agreement for Whangarei land
April 26th Morning Report
SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills