News
12 February 2020
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.
