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FIGCovered Bonds

BNZ mimics Westpac with thinly subscribed covered bond

New_Zealand_Dollar_Adobe_575x375_24June20

Bank of New Zealand (BNZ) priced an €850m seven year covered bond on Tuesday in line with the bid side of Westpac New Zealand’s deal in the same size and tenor issued last week. Although the order book was thinly subscribed, lead managers deemed the quality of orders high.

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