On 8 April, New Zealand Local Government Funding Agency (LGFA) (AA+/AA+) launched an indicative NZ$300 million (US$178.9 million), six-year, syndicated deal to institutional and New Zealand retail investors. The issuer received bids in excess of NZ$600 million at the indicative margin range of 78-83 basis points over swap. The margin has now been revised to 78-80 basis points area, with pricing expected on 9 April.