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TrustPower launches

In New Zealand, Dunedin City Treasury (rated AA-) raised NZ$75 million for five years at 92 basis points over New Zealand Government bonds.As flagged last week, electricity generator and retailer TrustPower launched a two-tranche bond issue. TrustPower is seeking to raise NZ$125 million in total but will accept oversubscriptions up to NZ$50 million.TrustPower (not rated) is seeking NZ$75 million for five years and will pay a coupon of 7.60 per cent, and NZ$50 million for seven years with a coupon of eight per cent being offered. The bonds will be listed on the NZDX and the offer will close on December 18, if not before.

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