Auckland Council to offer $175M in retail bonds for infrastructure

Mon, 08 Oct 2012

Oct. 8 (BusinessDesk) - Auckland Council, New Zealand's biggest local body after its amalgamation of eight of the region's councils into one in November 2010, wants to raise up to $175 million in a retail bond offer. The council plans to sell $125 million in six-year bonds, and will accept up to $50 million in oversubscriptions, it said in a statement. The funds will be used to pay for the council's infrastructure projects, and will carry credit ratings of AA from Standard & Poor's and Aa2 from Moody's Investors Service. "The offer is an e...

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