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(a) of Schedule 1 to the Financial Markets Conduct Act 2013 (offer of prescribed financial products by a registered bank).
Issuer's description of this product:
Perpetual preference shares ("PPS 2") of Bank of New Zealand ("BNZ").
Distributions are discretionary and subject to conditions.
The distribution rate will be a fixed rate for 6 years, after which it will change to a floating rate that resets at quarterly intervals.
The fixed rate is 7.28% per annum, as determined on the rate set date (9 August 2024) and announced via NZX.
The distribution rate after the first 6 years will be a floating rate equal to the sum of the applicable 3 month bank bill rate (a benchmark interest rate for a 3 month period) plus the margin.
The margin is 3.50% per annum, as determined on the rate set date and announced by BNZ via NZX.
Distributions are expected to comprise a cash amount and imputation credits.
When the distribution rate is reset, the new distribution rate will be announced by BNZ via NZX on or about the date it is reset.
Minimum investment
$5,000
This is the minimum amount you would need to put into this in order to invest.
Fixed offer price
$1.00
This is the price per share of this offer. Additional details may be available.
Closing date
09 Aug 2024
This is when this offer closes to investors.
The details
Fixed offer price details
$1.00
Fixed offer price description
Not applicable – the price of the PPS 2 is fixed at NZ$1.00 per PPS 2
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.
Limited Disclosure Document.pdf
How this investment works, including about the provider, risks, costs and potential returns
PDF, 1.16 MB
Additional disclosure documents
These are more documents from the provider that can contain interesting information.
Investor Presentation.pdf
Investor presentation
PDF, 2.79 MB
Other Material Informationdocument.pdf
Other information that is material to the Offer
PDF, 14.32 KB
Credit Rating.pdf
Credit rating
PDF, 114.81 KB
Noticeofavailabilityofdisclosurestatements.pdf
Notice of availability of BNZ's disclosure statements
PDF, 14.65 KB
Termsofthe PPS 2.pdf
Terms of the PPS 2
PDF, 118.90 KB
Additional details
Issuer details
Name
BANK OF NEW ZEALAND
Type
NZ Limited Company
Industry
Financial/insurance
Website
NZBN
9429039342188
FSP Number
Credit rating
Not provided
Offer details
Date registered
2 August 2024
Date opened
5 August 2024
Closing date
9 August 2024
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
OFR13773: OFFER OF PERPETUAL PREFERENCE SHARES BY BANK OF NEW ZEALAND