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Thursday, 29 April 2021
Apr/May 2021

New Zealand takes on the housing behemoth

Housing affordability has been a critical issue in New Zealand for some time but a price explosion in 2020 has heightened the national focus. The government has announced a suite of policies to tackle the issue but efforts to press gang monetary and regulatory policy into service have run into resistance.

Monday, 07 December 2020

Asset growth spurs Kiwibank tier-two return

Kiwibank has become the first New Zealand bank to test the waters for subordinated debt issuance since the Reserve Bank of New Zealand (RBNZ) revealed its new bank-capital requirements a year ago. The borrower says the impact of COVID-19 on its capital position and strong asset growth in 2020 propelled it to consider the transaction.

Monday, 30 November 2020

Kiwibank launches domestic tier-two deal

On 30 November, Kiwibank launched an indicative NZ$275 million (US$193.2 million) 10-year tier-two deal with an interest rate reset date in December 2025. The transaction is the first bank capital deal in the New Zealand dollar market since the Reserve Bank of New Zealand finalised new bank capital requirements in December 2019.

Friday, 18 September 2020

Kiwibank takes a different path as asset growth spurs Kangaroo foray

Kiwibank says its credit growth is outstripping the incremental funding provided by central-bank facilities and deposit inflows, leading the borrower printing its inaugural Kangaroo covered bond on 16 September. Tim Main, Kiwibank’s Auckland-based treasurer, spoke to KangaNews about the deal.

Wednesday, 16 September 2020

Kiwibank launches five-year Kangaroo covered bond

On 16 September, Kiwibank (A/A1/AA-) launched its debut, five-year, Kangaroo, soft-bullet, covered-bond deal. Indicative price guidance for the forthcoming deal is 75-80 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead managers ANZ and UBS.

Tuesday, 15 September 2020

Kiwibank starts marketing Kangaroo covered bond

On 15 September, Kiwibank (A/A1/AA-) began taking indications of interest for its debut, five-year, Kangaroo, soft-bullet, covered-bond deal. The transaction is being marketed at 80 basis points area over three-month bank bills and is expected to launch as early as 16 September. ANZ and UBS are leading.

Wednesday, 09 September 2020

Kiwibank mandates inaugural Australian dollar covered bond

On 9 September, Kiwibank (A/A1/AA-) revealed plans for a debut, five-year, soft-bullet covered-bond Kangaroo deal. ANZ and UBS have been appointed joint lead managers and will arrange a fixed-income investor call on the day of the announcement. The transaction is expected to be rated Aaa/AAA.

Monday, 24 February 2020

Kiwibank considering five-year Kangaroo transaction

On 24 February, Kiwibank (A/A1/AA-) mandated ANZ and UBS to arrange a series for investor meetings and calls in Australia and Asia in the week beginning 2 March regarding a potential five-year, Kangaroo, senior-unsecured transaction.