LGFA bonds lure foreign investors seeking liquid, highly-rated alternative to NZ government debt

Wed, 02 Sep 2015

By Suze Metherell Sept. 2 (BusinessDesk) - The Local Government Funding Agency, which sells bonds on behalf of 30 local authorities in New Zealand, says foreign investors are increasing their holdings of the debt as a relatively liquid, highly rated alternative to sovereign bonds. The LGFA has a domestic currency credit rating of AA+ with Standard & Poor's, the same rating as the New Zealand government. It was established in February 2012 and has a target to reduce local authority borrowing costs by at least 30 basis points. It is now the...

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