The proceeds would be used to invest in regulatory capital instruments to be issued by Kiwibank, which would help the bank meet its regulatory requirements under the Basel III framework.
The notes are non-cumulative, unsecured, subordinated securities that will not be guaranteed.
Joint lead managers for the offer are Deutsche Craigs, Forsyth Barr and Macquarie.
The offer is expected to be made mid-April and the interest rate and margin will be announced before it opens.
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