As well as a clutch of mainstream corporate bond deals, the New Zealand market welcomed the return of corporate green-bond issuance in September. Mercury reopened the market with the first deal in nearly a year, followed in a matter of weeks by a third green-bond transaction from Argosy Property.

Argosy Property says its third green-bond deal attracted tighter pricing than comparable issuers’ conventional bonds and a good spread of investor interest. The borrower says the green label is one reason for the positive demand outcome.

On 9 October, Argosy Property revealed plans for a NZ$125-150 million (US$82.4-98.4 million), seven-year, senior-secured, green-bond transaction, offered to institutional and New Zealand retail investors. The deal is expected to launch in the week beginning 12 October.

On 14 October, Argosy Property (Argosy) launched a NZ$75-100 million (US$47.5-63.3 million), seven-year green-bond for New Zealand retail and institutional investors. The forthcoming deal is being marketed at 175-195 basis points area over mid-swap. Pricing is expected on 18 October, according ANZ which is arranger as well as joint lead manager alongside Forsyth Barr, Jarden Securities and Hobson Wealth Partners.

On 11 October, Argosy Property (Argosy) revealed plans for a NZ$75-100 million (US$47.4-63.2 million) seven-year green bond for New Zealand retail and institutional investors. Full details for the transaction are expected to be announced when the deal is launched in the week commencing 14 October. ANZ is arranger for the transaction and joint lead manager alongside Forsyth Barr, Jarden Securities and Hobson Wealth Partners.

On 6 March, Argosy Property (Argosy) revealed it has allocated NZ$90 million (US$61.1 million) under the general offer in its seven-year green bond. Up to NZ$10 million remains to be allocated under the priority offer, which is expected to close on 20 March. The margin has been set at 175 basis points over mid swap, the low end of the indicative range.

On 27 February, Argosy Property (Argosy) revealed an indicative margin of 175-190 basis points over mid swap for its forthcoming NZ$75-100 million (US$51.7-69 million) seven-year green-bond transaction. The final margin and interest rate is set to be announced following a bookbuild on 6 March. ANZ is arranger for the deal and joint lead manager alongside BNZ, First NZ Capital and Forsyth Barr.