Kiwibank eyes $150 mln bond offer after S and P cuts rating

Wed, 31 Oct 2012

Nov. 1 (BusinessDesk) - State-owned lender Kiwibank is looking at raising up to $150 million from a subordinated bond offer, after its credit rating was cut a notch by Standard & Poor's. The Wellington-based bank is considering a public offer of unsecured, subordinated bonds, with the formal documents likely to be released next week, it said in a statement. The debt sale comes days after S&P cut the credit ratings of Kiwibank and its parent, New Zealand Post, to A+ from AA-, citing the group’s growing reliance on its banking operations and...

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