2025 OFFER OF UNSECURED SUBORDINATED NOTES (NOTES) BY KIWIBANK LIMITED (KIWIBANK)
KIWIBANK LIMITED
kiwibank.co.nz
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.
Exclusion for debt securities issued by a registered bank (clause 21(b) of Schedule 1 of the FMCA)
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 28 November 2025
Minimum investment
$5,000
This is the minimum amount you would need to put into this in order to invest.
Closing date
05 Dec 2025
This is when this offer closes to investors.
Rate
Non-fixed
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.
The details
Key facts
Provider website
Intending to list
Yes
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
Baa2
(Moody's Investors Service)
This is the credit rating for this particular bond or debt security.
Issuer credit rating
Not providedMaturity
Fixed Date
Rate
Non-fixed
Rate calculation description
The interest rate for the first 5 years and 3 months until the First Optional Redemption Date (12 March 2031) will be 4.93% per annum, as determined on the Rate Set Date (5 December 2025) and announced via NZX. This interest rate is equal to the sum of the Swap Rate (a reference rate for a period of 5 years and 3 months) on the Rate Set Date plus the Margin. The Margin is 1.45% per annum, as determined on the Rate Set Date and announced via NZX.
The interest rate after the First Optional Redemption Date will be a floating rate which will be reset quarterly to be equal to the sum of the applicable 3 Month Bank Bill Rate (a benchmark interest rate for a 3 month period) plus the same Margin.
If the sum of the 3 Month Bank Bill Rate plus the Margin is less than 0% per annum, the interest rate will be 0% per annum.
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 SD 25 Limited Disclosure Document.pdf
How this investment works, including about the provider, risks, costs and potential returns
PDF, 729.86 KB
Additional disclosure documents
These are more documents from the provider that can contain interesting information.
Kiwibank SD 25 Investor Presentation.pdf
Investor presentation
PDF, 761.04 KB
Kiwibank SD 25 Other Material Information.pdf
Other information that is material to the offer
PDF, 125.44 KB
Deed Pollinrelationto Kiwibank Subordinated Notes.pdf
Deed Poll for the subordinated notes
PDF, 1.09 MB
Kiwibank SD 25 Noticeof Availabilityof Disclosure Statements.pdf
Notice of availability of Kiwibank's disclosure statements
PDF, 78.11 KB
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
28 November 2025
Date opened
1 December 2025
Closing date
5 December 2025
Offer credit rating
Baa2 (Moody's Investors Service) on 27 November 2025
Continuous issue
No
Further payments may be required
Yes
Restrictions on transfer
No
Restrictions on acquisition
No
Convertible product
No
Intending to list
Yes : nzx.com
Schedule 1 exemption
Yes
FMA exemption
No
Reference numbers
Offer
OFR14035: 2025 OFFER OF UNSECURED SUBORDINATED NOTES (NOTES) BY KIWIBANK LIMITED (KIWIBANK)