Archive | Debt securities

Auckland Airport issues $150 million of bonds

Auckland International Airport Ltd closed its new bond issue on Wednesday with $150 million allocated.

The offer to institutional & NZ retail investors was for $125 million plus up to $50 million of oversubscriptions. There was no public pool.

The interest rate was set at 3.51%/year, reflecting a 0.95% margin over the underlying swap rate. The 6-year fixed-rate bonds will be issued on 10 October.

The company has 5 existing bond issues for a total $675 million maturing between December 2019 & April 2023.

Attribution: Company release.

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Infratil considers $250 million of bond offers

Infratil Ltd is considering making a new offer of unsecured unsubordinated bonds in 2 separate series in December, the first a 6-year bond and the second a 10-year bond.

Infratil treasurer Fiona Cameron said on Monday the company expected to set the interest rate on the 10-year (2028) bonds for 5 years, then reset the rate in 2023.

The company will seek an aggregate $125 million plus the same sum in oversubscriptions – total $250 million.

Infratil has $111 million of bonds maturing on 15 November, and NZ-resident holders of those bonds will be able to exchange maturing bonds for new ones, subject to availability.

The shorter of the new bonds will mature on 15 December 2024 and the second on 15 December 2028.

Infratil expects to release full details of the offer, and to open it, next week.

Attribution: Company release.

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Auckland Airport launches bond issue

Auckland International Airport Ltd joined the queue of listed companies raising money through bond issues today, seeking up to $175 million.

The offer is $125 million of 6-year fixed rate bonds & up to $50 million in oversubscriptions. It will be open to institutional & NZ retail investors. There’s no public pool.

The indicative margin range is 0.95-1.05%/year. The bookbuild process is expected to be completed on Wednesday.

Attribution: Company release.

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Summerset doubles bond oversubscription allocation

Summerset Group Holdings Ltd lifted its bond issue to $125 million on Friday by doubling the level of oversubscriptions from $25 million to $50 million.

The margin has been set at 1.65%/year and the interest rate at 4.20%/year.

The minimum interest rate indicated before the bookbuild was 4.15%/year, and the indicative margin range for the bonds was 1.65-1.75%/year.

The 7-year fixed-rate bonds will go to New Zealand institutional & retail investors who participated in the bookbuild process. All the bonds have been allocated to intermediaries for distribution to their clients. There’s no public pool.

The bonds will be issued on Monday 24 September.

Earlier story:
4 September 218: Summerset to seek $100 million in bond issue

Attribution: Company release.

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Summerset to seek $100 million in bond issue

Published 4 September 2018
Retirement village developer, owner & operator Summerset Group Holdings Ltd said yesterday it was considering a bond issue of up to $100 million, including $25 million of oversubscriptions.

The bonds, aimed at New Zealand institutional & retail investors, would be unsubordinated, have a 7-year term and be fixed rate, with a guarantee & security package provided by the Summerset guaranteeing group.

Summerset made its first retail bond issue in June 2017.

Chair Rob Campbell said the offer was expected to open next week.

Attribution: Company release.

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Council bond issue fully subscribed

Auckland Council’s offer of $200 million of 5-year unsubordinated fixed-rate vanilla corporate green bonds opened last Monday and closed fully subscribed on Thursday. They’ll be issued on Wednesday with a maturity date of 27 June 2023.

The interest rate is 3.17%/year, reflecting a margin of 0.5%/year over the swap rate for the 5-year period.

The bonds will be quoted on the NZX debt market (NZDX).

Attribution: Council release.

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Investore sets bond rate at minimum

Investore Property Ltd has set the interest rate for its new 6-year bonds at 4.4%, the minimum stated in the indicative terms sheet.

The company has issued $100 million of the senior secured fixed rate bonds, including the full $25 million of oversubscriptions. There was no public pool.

The indicative issue margin range above the 6-year swap rate was 1.5-1.7%/year, and the margin was set at the bottom of that range, 1.5%.

Investore owns a 40-property portfolio of supermarkets & other bulk retail properties. It’s just sold 2 other properties.

Attribution: Company release.

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Investore to launch $100 million bond offer

Listed bulk retail & supermarket investor Investore Property Ltd announced a $100 million bond offer on Monday – up to $75 million, plus $25 million of oversubscriptions.

The 6-year, senior secured fixed-rate bonds maturing on 18 April 2024 will be offered to New Zealand institutional & retail investors. Investore expects the offer to open on 21 March and close on 12 April. There’s no public pool.

Link: Investore bond offer

Attribution: Company release.

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Goodman launches $100 million bond issue

The Goodman Property Trust launched a $100 million bond issue on Monday ($75 million + $25 million in oversubscriptions).

The 5.5-year fixed-rate senior secured bonds (Goodman+Bonds) will mature on 1 September 2023.

Goodman expects they will have an investment grade issue credit rating of BBB+ from Standard & Poor’s. The trust’s current corporate credit rating is BBB.

The indicative issue margin range is 1.20-1.30%/year, subject to a minimum interest rate of 4.00%/year. The issue margin & interest rate will be set following a bookbuild process on Friday. The offer will close on Friday and the bonds will be issued on Thursday 1 March.

Attribution: Trust release.

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Christchurch council launches bond offer

Christchurch City Council company Christchurch City Holdings Ltd lodged the product disclosure statement on Thursday for a $150 million bond offer on Thursday – $100 million plus $50 million of oversubscriptions.

The council company’s chief financial officer, Leah Scales, said on Thursday S&P Global Ratings was expected to assign an A+ rating to the 5-year unsecured unsubordinated fixed-rate bonds.

The offer is expected to open on Monday 27 November, closing on 29 November. All the bonds are reserved for clients of the joint lead managers & other approved financial intermediaries. There’s no public pool.

Attribution: Company release.

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