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Kiwibank confirms $250m perpetual preference share sale

Staff reporters
Fri, 08 Oct 2021

Kiwibank has confirmed it will sell up to $250 million of perpetual preference shares to New Zealand investors and that the new shares will count as tier 1 capital for regulatory purposes.The PP shares will have no fixed term and will remain on issue indefinitely unless Kiwibank decides to redeem them.It said it may redeem them, if certain conditions are met, on Nov 2, 2026 and on each subsequent five-year anniversary of that date or for tax or regulatory reasons.Moody's Investors Service has rated the shares "Ba1", which is below...

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