Z Energy (NR) opened its offer of NZ$100-125 million (US$66.3-82.9 million) six-year, unsubordinated fixed-rate bonds to institutional and retail investors in New Zealand on 20 August. The forthcoming secured deal, due in September 2024, will have a minimum interest rate of 4 per cent and an indicative issue margin of 150-160 basis points over swap. The coupon and margin will be set on the rate set date, on 24 August.