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The transaction pays a semi-annual coupon of 4.750% and matures on january 25, 2030. It was priced at a spread of +44 basis points over New Zealand mid-swaps, which equates to +69.55 basis points over the 3% New Zealand Government Bond due april 2029 and has a semi-annual yield of 4.838%.
The transaction marks the IDB's inaugural NZD fixed rate offering in Sustainable Development Bond format. It represents the IDB's first 7-year fixed rate bond since July 2017 after issuing a new NZ$400 million 5-year facility in february 2022.
"We were eager to issue the first Kauri bond of the year as we felt the lack of supply in the last month could build momentum for a deal. In fact, strong demand for Treasuries from domestic banks and asset managers allowed us to print a larger-than-expected size. It's a great way to start the new year and we look forward to issuing more Kauri bonds in 2023", said Laura Fan, Head of IDB Financing.
Translated by: A.M