Bank of New Zealand markets five-, 10-year notes in three tranches

By Cristal Cody

Chicago, Jan. 20 – Bank of New Zealand is in the investment-grade market with a triple-tranche offering of notes due in 2027 and 2032, a market source said.

Two of the tranches are a pair with a Jan. 27, 2027 maturity date.

One part will be a floating-rate tranche with a coupon based on SOFR plus a spread.

The other series is a fixed-coupon with spread talk in the Treasuries plus 85 bps to 90 bps area.

A tranche due Jan. 27, 2032 has talk in the 115 bps to 120 bps area over Treasuries.

Citigroup, Goldman Sachs, National Australia Bank and TD Securities are bookrunners for the deal.

The bank is based in Auckland, New Zealand.

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