There are some aspects of this fund which may require extra consideration before deciding to invest.
Schedule 1 exemption
This investment offer has a Schedule 1 exemption, which means there is not as much required to be disclosed about it as others. There will be fewer documents to see. Here's more about Schedule 1.
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).
Issuer can withhold payment
In this case, the provider of this investment may not pay investors back straight away. This is important to know and acknowledge as you research investments.
Issuer's description of this product:
The Notes are unsecured subordinated notes and are issued by Kiwibank under a deed poll dated 26 April 2023.
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
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.
(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 a fixed rate equal to the sum of the swap rate (a reference rate for a 5 year period) on the rate set date (5 May 2023) plus the margin.
The interest rate for the second 5 years of the term will be reset on the rate reset date (12 May 2028) to be a fixed rate equal to the swap rate on the rate reset date plus the same margin.
If the sum of the swap rate plus the margin is less than 0% per annum, the interest rate will be 0% per annum.
The margin and the initial interest rate will be determined by Kiwibank following the bookbuild and will be announced by Kiwibank via NZX on the rate set date and available at www.Kiwibank.Co.Nz/about-us/governance/investor-centre/kiwibank-capital-instruments.
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 Subordinated Notes - Limited Disclosure Document.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 Subordinated Notes - Other Material Information.pdf
Kiwibank Subordinated Notes - Deed Poll.pdf
Kiwibank Subordinated Notes - Notice of Availability of Disclosure Statements.pdf
Kiwibank Subordinated Notes - Investor Presentation.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
26 April 2023
Date opened
02 May 2023
Closing date
05 May 2023
Offer credit rating
Baa2 (Moody's Investors Services) on 21 April 2023
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
OFR13513: OFFER OF UNSECURED SUBORDINATED NOTES ("NOTES") BY KIWIBANK LIMITED ("KIWIBANK")
Next steps
Want to know more about this investment or how it compares to others? Have a look at its peers.
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
Good advice is gold. Everyone can benefit from expert advice, provided the adviser has your interests at heart. Here's how to find one and key questions to ask.
Interested in investing in this offer? Visit the provider's website. kiwibank.co.nz