Kiwi lowers indicative margin on 7-year green bonds

Wed, 07 Jul 2021

Kiwi Property Group has lowered the indicative margin on its seven-year green bonds sale in the face of strong demand.On Monday, the company said the indicative range for the margin for the planned auction, or bookbuild process, with institutional investors that will help set the actual coupon on the bonds was 1.35% to 1.5%.It has now revised the margin to 1.25% to 1.35%, although regardless of the auction results, the lowest the coupon will be is 2.85%.Given that the seven-year swap rate is trading at 1.58%, if the auction landed at the bottom...

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