Kiwibank completes $250m pref share sale, rate set at 4.93%

Thu, 21 Oct 2021

Kiwibank said its sale of $250 million of perpetual preference shares has been completed with the distribution rate set at 4.93% for the first five years.It will be reset at five-yearly intervals at 2.6 percentage points over whatever the five-year swap rate is at the time of each reset unless Kiwibank chooses to redeem them.The interest rate is considerably higher than the 2.25% Kiwibank is currently offering for five-year deposits of $10,000 or more, although such deposits will rank ahead of the new shares in the unlikely event of Kiwibank fa...

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