It also says that the margin on its offer had been set at 3.75% after the bookbuild process, meaning the total rate on the securities will be around the 8.53% mark.
Rabo is providing a public pool of $35 million and has allocated $295 million on a firm and reserved basis through NZX participants and to institutional investors.
The PIE Capital Securities - which are expected to be rated AA- by Standard & Poor's and Aa2 by Moody's - constitute perpetual preference shares paying quarterly dividends at a fixed rate for the first five years.
The Dividend Rate will be reset on June 18, 2014 at the margin over the prevailing five year swap rate and will be fixed for a further five years.
The offer will close on May 22, unless closed earlier.
Dividends will be paid quarterly, with the first dividend payment date scheduled to occur on June 18, 2009.
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