New Issue Commentary — KIWIBANK LIMITED
Dealer commentary on this issuer’s latest new issue, summarised.
KIWIBANK LIMITED launched a benchmark A$ 4.5year senior unsecured Kangaroo in two tranches, a floating rate note and a fixed rate note, both maturing in May 2031 and guided at 3m BBSW +105bps 'area'. The deal was mandated on 9 November with ANZ, Barrenjoey, CBA and Westpac as Joint Lead Managers and was launched on 10 November. The update reported an orderbook over A$660m, with demand of more than A$520m for the FRN and more than A$140m for the fixed tranche. The notes are expected to be RBA repoeligible and rated AA/A1 (Fitch/Moody's). Final pricing and allocations are not reported in the available commentary.
| Tranche | Tenor | Coupon | Ccy | Size | Rank | Maturity |
|---|---|---|---|---|---|---|
| KIWIBANK LIMITED A$MTN 4.5YR (May-31) Senior Kangaroo - Floating Rate Notes (FRN) | 4.5 years | 3m BBSW +105bps 'area' (guidance; final coupon not stated) | AUD | A$ Benchmark (within A$3.0bn Debt Issuance Programme) | Senior Unsecured | [16] May 2031 |
| KIWIBANK LIMITED A$MTN 4.5YR (May-31) Senior Kangaroo - Fixed Rate Notes (FXD) | 4.5 years | [5.780]% s.a. (indicative) | AUD | A$ Benchmark (within A$3.0bn Debt Issuance Programme) | Senior Unsecured | [16] May 2031 |