Mercury launches subordinated-capital deal

On 12 June, Mercury launched a subordinated-capital deal, for up to NZ$300 million (US$197.5 million) to New Zealand retail and institutional investors, with an indicative margin range of 210-225 basis points over mid swap. The notes have a first interest rate reset date on 11 July 2024 and a final maturity on 11 July 2049. The bonds are expected to be rated BB+ by S&P Global Ratings.