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News on New Investment

Auckland City Council has confirmed its intention to raise $150m (plus up to $50m of over subscriptions) in a 10 year Fixed Rate Retail Bond.

Issuer: Auckland Council
Issuer Rating: S&P AA (stable), Moody's Aa2 (stable)
Expected Issue Rating: S&P AA, Moody's Aa2
Indicative Issue Margin: [+80-83] to Mid Swap (Indicative Coupon - 5.90% - 6.00% per annum)
Issue Price: Par (being $1.00 per Bond)
Interest payments: 25 March and 25 September
Maturity Date: Monday 25 March 2024
Listing: NZDX. Expected date of initial quotation and trading- 26 March 2014
Minimum Subscription: NZ$5k with multiples of NZ$1k thereafter.

Book Build opens: Tuesday 11 March 2014
Book Build closes: Friday 14 March 2014.
Allocations advised: Friday 14 March 2014
Interest Rate Set: Friday 14 March 2014
Offer Open Date: Friday, 14 March 2014
Offer Closing Date: Friday, 21 March 2014 at 12 pm
Issue Date: Tuesday, 25 March 2014