Kiwibank considering perpetual capital notes offer
Kiwibank's sister company Kiwi Capital Funding Limited is considering making an offer of up to $150 million of perpetual capital notes to the New Zealand public.
Sunday, April 12th 2015, 6:36PM
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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