NZ Bank Closes First Covered Bond
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NZ Bank Closes First Covered Bond

ANZ New Zealand has issued a EUR500 million ($693 million) covered bond, backed by prime New Zealand residential mortgages. This is ANZ New Zealand’s first entry into the Euro-denominated covered bond market. The offering is a five-year bond and priced at 95 basis points over the euro interest swap rate. Managing the deal were Barclays Capital, BNP Paribas and UBS, with DZ Bank acting as co-manager. It is being shopped to European accounts.

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