World Bank prices New Zealand dollar bond for sustainable development

Region:

Asia-Pacific

The World Bank has priced a NZD600 million 1.375% fixed-rate global bond due 19 February, 2025. The Kauri bond was launched with an initial minimum target size of NZD200 million and was increased due to strong investor demand.

Joint-lead managers for the transaction were the Australia and New Zealand Banking Group and Bank of New Zealand.

The deal priced at 99.591577% to yield 1.46% p.a. semi-annual. This equates to a spread of 40 basis points over the New Zealand Government Bond due April 2025.

The bonds were distributed to a broad range of institutional investors in New Zealand (79%), Asia (20%), and Europe (1%). Around 20 investors participated including commercial banks and asset managers.

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