TrustPower (NR) opened its New Zealand subordinated bond offer on August 9 in the market's third new retail corporate transaction of the year. TrustPower has attached a 6.75 per cent coupon to the seven-year issue and says almost all of the NZ$75 million (US$61 million) general offer – which forms half the prospective deal volume – has already been reserved for clients of market participants under firm allocations.