New Issue: BNZ sells $500 million 2.75% five-year notes at 155 bps spread

By Aleesia Forni

New York, Feb. 23 – BNZ International Funding Ltd. sold $500 million of 2.75% five-year notes (Aa3/AA-) on Tuesday with a spread of Treasuries plus 155 basis points, a market source said.

The notes sold at the tight end of the Treasuries plus 160 bps area guidance.

Bookrunners were J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, National Australia Bank and Wells Fargo Securities LLC.

The notes are guaranteed by Auckland, New Zealand-based Bank of New Zealand.

Issuer:	BNZ International Funding Ltd.
Guarantor:	Bank of New Zealand
Amount:	$500 million
Description:	Notes
Maturity:	March 2, 2021
Bookrunners:	J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, National Australia Bank, Wells Fargo Securities LLC
Coupon:	2.75%
Spread:	Treasuries plus 155 bps
Trade date:	Feb. 23
Ratings:	Moody’s: Aa3
	Standard & Poor’s: AA-
Distribution:	Rule 144A, Regulation S
Price guidance:	Treasuries plus 160 bps area

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