More detail on BNZ's NZ$3 billion covered bond programme

Moody's Investors Service and Fitch have assigned provisional long-term ratings of (P)Aaa/AAA to the mortgage covered bonds  proposed to be issued by Bank of New Zealand (BNZ) under a NZ$3 billion covered bond programme. The cover pool will comprise NZ$521,777,333 of residential assets, with a weighted-average seasoning of 25 months and a remaining term of 275 months. The weighted-average loan to value ratio is 44.8 per cent.