Kiwibank cancels A$175M bond issue as it works 'urgently' with RBNZ over compliance

Tue, 14 Mar 2017

By Sophie Boot March 15 (BusinessDesk) - Kiwibank says it won't continue with the settlement of a proposed A$175 million bond issue after the Reserve Bank said its bonds don't comply with Capital Adequacy Framework requirements. The state-owned bank has been told that RBNZ has formed a preliminary view, which is yet to be finalised, about its tier 2 convertible subordinated bond which was issued on June 6, 2014, and its additional tier 1 perpetual bond issued on May 27, 2015. "The issue relates to a technical interpretation matter and...

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