Kiwibank set the margin on its offer of tier two subordinated bonds on November 13, at the same time confirming that the whole NZ$150 million (US$122.9 million) volume of the offer had been reserved during the bookbuild process with no public pool to be offered. The deal's margin is 277 basis points over bank bills, equating to a coupon of 5.8 per cent until the rate reset date of December 15 2017.