Issuer's description of this product:
The Notes are unsecured subordinated loss absorbing notes and are issued by Kiwibank under a deed poll dated 27 November 2020.
Minimum investment
This is the minimum amount you would need to put into this in order to invest.
Closing date
This is when this offer closes to investors.
Maturity help
Rate
This investment offer does not have a single set rate. This may mean that the rate is variable or that there are multiple rates available.
Key facts
Provider website
Intending to list
The issuer has indicated that they are intending to list this investment on a public exchange, or that it is already listed. See the listing here: nzx.com
Issuer's industry
Financial/insurance
Credit ratings
Credit ratings can help you understand whether your investment in bonds will pay or if you'll get your money back. They indicate the long-term ability of the issuer to repay its debts. See also the Reserve Bank's primer on credit ratings and a map of the three scales used by the rating agencies.
Investment credit rating help
(Moody's Investors Services)
This is the credit rating for this particular bond or debt security.
Issuer credit rating
This is the credit rating for the organisation issuing the bond or debt security.
Maturity
Maturity description
This investment offer finishes on the above date.
Rate
Rate calculation description
The interest rate for the first 5 years of the term will be the sum of the swap rate (a benchmark interest rate for a 5 year period) on the rate set date (4 December 2020) plus the margin.
If the Notes are not repaid early on the optional redemption date (11 December 2025), the interest rate will be reset and fixed for the remaining 5 years of the term to be equal to the swap rate on the rate reset date (11 December 2025) plus the same margin. If the sum of the swap rate plus the margin is less than zero, the interest rate will be 0% per annum.
The initial interest rate and the margin will be announced by Kiwibank on the rate set date and available at www.Kiwibank.Co.Nz/about-us/governance/investor-centre/kiwibank-capital-notes.
Key documents
These are the most important documents that a provider is required to file about this investment.
Product disclosure statement
Before you invest in a product like a fund, you are given a PDS which has essential details about it and the company providing it. Here's more on how to read a PDS.
Kiwibank - Limited Disclosure Document (Final).pdf
How this investment works, including about the provider, risks, costs and potential returns
Additional disclosure documents
These are more documents from the provider that can contain interesting information.
Kiwibank - Other Material Information.pdf
Kiwibank - Deed Poll (executed).pdf
Kiwibank - Notice of availability of disclosure statements.pdf
Kiwibank Investor Presentation (final).pdf
Additional details
Issuer details
Name
KIWIBANK LIMITED
Type
NZ Limited Company
Industry
Financial/insurance
Website
NZBN
9429036917211
FSP Number
Credit rating
Not provided
Offer details
Date registered
27 November 2020
Date opened
30 November 2020
Closing date
04 December 2020
Offer credit rating
Baa3 (Moody's Investors Services) on 26 November 2020
Continuous issue
No
Further payments may be required
Yes
Restrictions on transfer
No
Issuer can withhold, reduce, or delay payment
Yes
Convertible product
No
Intending to list
Yes : nzx.com
Schedule 1 exemption
Yes: The offer is made in reliance on Clause 21(b) of Schedule 1 of the FMC Act (offer of debt securities by a registered bank).
FMA exemption
No
Reference numbers
Offer
OFR13006: OFFER OF UNSECURED SUBORDINATED LOSS ABSORBING NOTES ("NOTES") BY KIWIBANK LIMITED ("KIWIBANK")
Next steps
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Product disclosure statement
Take a deeper dive into the PDS, which has essential details about this offer and the company providing it. Here's more on how to read a PDS.
Market listing
The provider has indicated they are intending to list this investment, or that it is already listed, on a public securities market. Here's where to find the market listing: nzx.com
Getting investment advice
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Interested in investing in this offer? Visit the provider's website. kiwibank.co.nz