Auckland Council raises $250 mln selling four-year bonds at record-low coupon of 3.04%

Wed, 23 Mar 2016

By Sophie Boot March 23 (BusinessDesk) - Auckland Council has raised $250 million selling four-year bonds at an annual interest rate of 3.04 percent, a record low for the local authority in New Zealand's biggest city. The council set the coupon at 60 basis points over the comparable swap rate, currently at 2.43 percent. The four-year swap rate has tumbled about 114 percentage points in the past 12 months as weak inflation keeps benchmark interest rates anchored near all-time lows. By contrast, the coupon on the council's existing December...

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