The Kauri market reopened on January 21 with Asian Development Bank (ADB) (AAA/Aaa/AAA) issuing NZ$225 million (US$162.18 million) of paper in a January 2014 maturity – its debut deal in the New Zealand market. The bond was priced at 62 basis points over the April 2013 New Zealand government bond, which equates to around 22 basis points over swap.
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