The New Zealand Local Government Funding Agency has listed on the NZX debt market, offering advisers and retail investors the chance to trade in the bonds more easily, without having to buy big parcels.
LGFA has listed all six existing series of its bonds on NZX’s debt market, representing a total principal amount of $5.56 billion.
The listings increase the capitalisation of NZX’s debt market to $19.09 billion or 7.9% of GDP, an increase of 41%.
This is in addition to the $1.99 billion of other new debt that has already been listed this year on the NZX debt market.
LGFA chief executive Mark Butcher said: “Listing on the NZX Debt Market will further extend our retail investor base, provide greater price transparency to all investors and achieve best practice from a governance perspective. Listing should also help increase secondary market liquidity in LGFA Bonds and assist retail investors with greater access to a highly rated and liquid fixed income investment.”
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