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World Bank prices retail Kauri |
World Bank (AAA/Aaa) closed its New Zealand retail note offer on July 11, raising the target issue amount of NZ$100 million (US$70 million).
This is the first time a bond issue from a supranational issuer has been offered in the domestic market to retail investors. The deal was led by Westpac Institutional Bank and offered retail investors a financial and social return.
| Issuer |
World Bank (IBRD) |
| Issuer rating |
AAA/Aaa |
| Sector |
Supranational |
| Market |
Kauri |
| Opening date |
23 Jun 08 |
| Closing date |
11 Jul 08 |
| Rate set date |
14 Jul 08 |
| Issue date |
16 Jul 08 |
| Maturity date |
16 Jul 12 |
| Issue Amount |
NZ$100 million |
| Format |
Fixed rate notes |
| Coupon |
7.0625 per cent, semi-annually |
| Yield |
7.0625 |
| Spread to swap |
-40/swap |
| Issue price |
Par |
| Lead manager |
Westpac Institutional Bank |
| Co-managers |
Bank of New Zealand, Direct Broking |
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