New Zealand Local Government Funding Agency
New Zealand Local Government Funding Agency (LGFA) undertook its first-ever syndicated transaction on 12 March. The deal represents a change in strategy for the borrower, which deal sources say allows it better to engage domestic and offshore investors seeking larger allocations – an outcome that was evident in the record volume achieved.
On 11 March, New Zealand Local Government Funding Agency (LGFA) (AA+/AA+) launched an indicative NZ$500 million (US$339.8 million) April 2024 transaction to institutional and New Zealand retail investors by syndication. The forthcoming deal has an indicative margin of 33-37 basis points over mid swap, with the final margin and interest rate to be set following a bookbuild on 12 March.
On 4 March, New Zealand Local Government Funding Agency (LGFA) (AA+/AA+) revealed it is considering a new, syndicated bond transaction to institutional and New Zealand retail investors. Full details for the potential April 2024 transaction are expected to be released in the week beginning 11 March and an investor conference call will take place on 6 March.
Exclusive information from the KangaNews deal database covering capital-markets transactions by high-grade issuers profiled in the KangaNews High-Grade Yearbook 2019.
Key data and information on 15 high-grade issuers active in the Australasian debt markets, including funding strategy information, debt data and issuer-specific perspectives.