SBS Bank launches NZ$125 million bond retail offer

Monday, 28 August 2023

Disclosure type: launch
Issuer name: Southland Building Society, trading as SBS Bank
Issuer rating: BBB (Fitch)
Expected issue rating: BBB+
Announcement date: 28 August 2023
Offer open date: 28 August 2023
Expected interest rate set and offer close date: 31 August 2023
Expected setlement date: 7 September 2023
Arrange: Westpac Banking Corporation New Zealand Branch (WBCNZ)
Lead managers: Forsyth Barr, WBCNZ

Transaction type: senior-unsecured bond
Indicative volume: NZ$125 million (US $73.8 million), with the ability to accept an additional NZ$50 million oversubscription at the issuer’s discretion
Maturity: 7 March 2029
Coupon type: fixed
Coupon: 6.1% minimum
Price guidance: 140-155bp/mid-swap