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Manukau City Council Fixed Rate Bonds

Fixed Income Opportunity - Manukau City Council Fixed Rate Bonds

We are excited to bring you another fixed income opportunity following a Greenstone Energy bond issue!

This investment would suit conservative investors and those who need to diversify their portfolio as it offers good security.

If you are interested in this offer please register your interest at your soonest with an indicative investment amount.

Please read following details:

 

The Auckland Regional Council and the seven existing territorial authorities in the Auckland region, including Manukau City Council, will be dissolved on 31 October 2010. In their place the Local Government (Tamaki Makaurau Reorganisation) Act 2009 establishes a new unitary authority, the Auckland Council, which comes into existence on 1 November 2010.

This bond offer is being made to the public at the request of the Auckland Transition Agency, on behalf of the Auckland Council. It is secured over the rates revenue of Manukau City Council and will become an obligation of the Auckland Council from 1 November 2010, at which point the investment will be secured over the rates of the Auckland Council region.

Auckland Council intends to obtain a credit rating as soon as practicable following 1 November 2010.

The bonds have a maturity date of 29 September 2017 and will pay a fixed rate of interest until the maturity date. The interest rate will be set on 27 September 2010 at the higher of the Minimum Rate, and the seven-year swap rate plus the Issue Margin. The Minimum Rate and the Issue Margin will be set after a bookbuild process on 31 August 2010.

As a guide only the indicative Minimum Rate is expected to be in a range of 6.45%p.a. to 6.75%p.a. Please note that the Minimum Rate could be set higher or lower than these levels

Interest will be paid semi-annually.

Please note that this issue is only available to New Zealand resident investors.

For more information or to request a copy of the Investment Statement, please contact the team at IRG on FREEPHONE 0800 474 669 or email info@irg.co.nz.

Please fill out the following simple form to obtain your copy of the Manukau City Council Fixed Rate Bonds Investment Statement

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