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BNZ lowers rate on share offer

BNZ Income Securities has set the dividend rate for the first five years on its perpetual shares at 9.89%, which is 0.33% lower than advertised.

Thursday, March 27th 2008, 6:32AM
The company originally advertised that the rate for the period to March 28, 2013 would be 10.22%, but has lowered it due to a falling five-year swap rate which is used as the benchmark to set the rate.

BNZ Income is seeking to raise between $350 million and $700m, and currently has around $420 million.

ANZ National currently has a similar offer in the market which will also be priced off the five-year swap rate. Since its marrgin is 2% over the rate, compared to BNZIS's 2.20% it is likely to be set at less than 10% too.

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