World Bank takes Kiwi crown with largest Kauri
The World Bank sold its first New Zealand dollar bond since July 2012 on Tuesday, a five year note. The deal is the largest ever new issue from a sovereign, supranational and agency in Kauri format. Investor uptake was particularly high due to a large number of upcoming redemptions and increased offshore interest in the New Zealand dollar.
ANZ New Zealand and Bank of New Zealand priced the NZ$500m ($421.54m) 3.625% February 2018 paper at 26bp over mid-swaps, in line with guidance set at the 26bp area. Pricing was roughly in line with the issuers dollar curve.
The issuer decided to bring the deal in response to
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