Non-residents owned 64.6% of NZ government nominal bonds at Feb 28 and 35.8% of inflation-indexed government bonds.
The government could have chosen another path, such as converting debt into equity or underwriting the rights issue itself.
Waste Management is the third and largest investment made in NZ by Sydney-based global investor, Igneo.
StockCo Australia is the leading player in a market with the potential to grow to A$7 billion.