On March 27 Wellington City Council (unrated) priced NZ$25 million (US$14 million) of five-year bonds at 215 basis points over swap and offering a coupon of 7.13 per cent. This is the third deal from a local council in 2009, bringing total volume from this sector to NZ$235 million or 12.8 per cent of the total 2009 domestic vanilla volume of NZ$1.8 billion.
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