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Rabobank NZ launches third domestic trade [UPDATED] |
Rabobank New Zealand (AAA/Aaa) priced a 2011 domestic transaction on July 23. The Bank of New Zealand-led deal was finalised at its initial size of NZ$100 million (US$75.85 million) and sold at the bottom end of its indicative price range, 22 basis points above mid-rate swap.
The latest deal is the third domestic trade issued by Rabobank’s New Zealand branch, following two NZ$100 million 2012 transactions priced last year. Patrick Mitchell, director of long-term funding for Asia at Rabobank in Sydney, says the deals have all been brought to fund the local operation with the latest being based on investor demand for the bank’s paper.
“We are expecting good institutional support to supplement expected retail demand, and are aware of some institutional interest,” Mitchell said at launch. While he added there was demand from retail brokers in New Zealand, the transaction was expected to have a different distribution profile from Rabobank’s extremely successful 2007 Kauri hybrid offering that saw retail investors demand above 75 per cent of the deal.
FINAL TERMS
| Issuer |
Rabobank Nederland New Zealand Branch |
| Rating (S&P/Moody's/Fitch) |
AAA/Aaa |
| Sector |
Financial Institution |
| Country |
New Zealand |
| Parent Country |
Netherlands |
| Pricing date |
23 July 2008 |
| Closing date |
14 August 2008 |
| Settlement date |
15 August 2008 |
| Maturity date |
15 August 2011 |
| Issue Amount |
NZ$100 million |
| Format |
Fixed rate bonds |
| Coupon |
7.65 per cent |
| Yield |
7.65 per cent |
| Spread |
22 bp/ mid swaps |
| Issue price |
100 per cent |
| Lead Manager |
Bank of New Zealand |
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Last Updated ( Tuesday, 29 July 2008 )
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