New Zealand Local Government Funding Agency

Sunday, 17 March 2019

LGFA strategy evolution leads to record volume deal

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.

Tuesday, 14 April 2020

LGFA says its latest deal demonstrates improving demand in New Zealand

New Zealand Local Government Funding Agency is confident domestic market conditions are improving, supported by an expanded central bank asset-purchase programme. The issuer says its latest transaction is an encouraging sign the market will have capacity for increased supply from New Zealand’s semi-government borrowers.

Wednesday, 08 April 2020

LGFA revises margin for April 2026 syndicated deal

On 8 April, New Zealand Local Government Funding Agency (LGFA) (AA+/AA+) launched an indicative NZ$300 million (US$178.9 million), six-year, syndicated deal to institutional and New Zealand retail investors. The issuer received bids in excess of NZ$600 million at the indicative margin range of 78-83 basis points over swap. The margin has now been revised to 78-80 basis points area, with pricing expected on 9 April.

Tuesday, 07 April 2020

RBNZ expands LSAP to include semi-government bonds

The Reserve Bank of New Zealand (RBNZ) now says it will expand its large-scale asset purchase (LSAP) programme to include NZ$3 billion (US$1.8 billion) of New Zealand Local Government Funding Agency (LGFA) debt. The 7 March announcement comes just a day after the reserve bank said it would make “small scale” purchases of LGFA bonds alongside rather than as part of the LSAP.

Wednesday, 01 April 2020

LGFA considering domestic syndicated deal

On 1 April, New Zealand Local Government Funding Agency (LGFA) (AA+/AA+) revealed it is considering a syndicated bond deal maturing in April 2026. An investor conference call will be held on 2 April. BNZ is arranger for the transaction and joint lead manager alongside ANZ, Commonwealth Bank and Westpac Banking Corporation New Zealand Branch.

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