Kiwi Property Group raises NZ$200M in green bonds with BBB+ rating
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How it started
What happened
Kiwi Property Group closed its offer for 7-year fixed-rate senior secured green bonds, allocating NZ$200 million to participants. The bookbuild generated total demand of $395 million at an issue margin of 1.20% per annum. S&P Global Ratings confirmed the Green Bonds will receive an issue credit rating of BBB+ upon issue.
From sharechat.co.nz
Why it matters
The successful bond offering reflects strong support from both retail and institutional investors. Kiwi Property Group noted that the New Zealand debt capital markets help diversify its funding sources. The BBB+ rating confirms the quality of the company’s portfolio, including its NABERSNZ shopping centre assets.
From sharechat.co.nz
Who's involved
- Bank of New ZealandActed as Joint Lead Manager for the debt offering.
- S&P Global RatingsAssigned the issue credit rating of BBB+ for the Green Bonds.
- S&P GlobalParent company of S&P Global Ratings.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- S&P Global RatingsSpeculative
The successful assignment of the BBB+ issue credit rating could affect the segment of S&P Global Ratings' business.
- Bank of New ZealandSpeculative
Bank of New Zealand's successful role as Joint Lead Manager could increase its market share in the New Zealand debt capital markets.
How it developed
Newest first. Tap a step to see who reported it.- Kiwi Property Group raised a green bond offer while NZX market performance affects company valuations.Sub-event
S&P Global Ratings assigned a credit rating for Kiwi Property Group's debt, managed by Bank of New Zealand.1 source
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The entities involved
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Bank of New Zealand
financial institution located in New Zealand
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S&P Global Ratings
credit rating agency, subsidiary of S&P Global
Related events
- S&P Global Ratings will assign a credit rating to bonds, with Bank of New Zealand serving as a Joint Lead Manager for the offer.
- ANZ Bank New Zealand is serving as a Joint Lead Manager in a financial capacity involving Kiwi Property Group.
- NZ First proposed buying back Bank of New Zealand and merging it with Kiwibank.