Kiwibank Considers Offer of Subordinated Notes
11/11/2025 08:32 NZDT, OFFER
KIWIBANK LIMITED CONSIDERS AN OFFER OF SUBORDINATED NOTES
Kiwibank Limited (Kiwibank) is considering making an offer of up to $200 million (with the ability to accept oversubscriptions at Kiwibank’s discretion) of unsecured subordinated notes (Notes) to New Zealand investors and certain other institutional investors. The Notes are expected to constitute Tier 2 Capital for Kiwibank’s regulatory capital requirements.
The offer will help Kiwibank manage its capital position, including following the planned repayment of Kiwibank’s existing unsecured subordinated notes quoted on the NZX Debt Market under the ticker code KWB010. Kiwibank has issued a notice of redemption to repay those notes on their optional redemption date of 11 December 2025.
The Notes will have a term of 10 years and 3 months with a maturity date of 12 March 2036, but may be repaid early, if certain conditions are met, on the First Optional Redemption Date (12 March 2031) or on any Scheduled Interest Payment Date after that date. The Notes may also be repaid early at any time if a Tax Event or Regulatory Event has occurred.
The Notes are expected to have a credit rating of Baa2 from Moody’s Investors Service.
If Kiwibank offers the Notes, the offer will be made in accordance with the Financial Markets Conduct Act 2013.
It is expected that further details of the offer will be released later this month.
Forsyth Barr Limited has been appointed as Arranger and Bank of New Zealand, Craigs Investment Partners Limited and Forsyth Barr Limited have been appointed as Joint Lead Managers in relation to the proposed offer.
Investors can register their interest in the offer by contacting a Joint Lead Manager or their usual financial advice provider. Indications of interest will not constitute an obligation or commitment of any kind to acquire Notes. No money is currently being sought and applications for the Notes cannot currently be made.
The Notes are expected to be quoted on the NZX Debt Market.
Joint Lead Managers
Bank of New Zealand
09 375 1391
Craigs Investment Partners Limited
0800 272 442
Forsyth Barr Limited
0800 367 227