BNZ launches Notes offer

Exchange announcement 11 November 2024 BNZ launches Notes offer Bank of New Zealand (BNZ) launched an offer today (Retail Offer) of up to NZ$100 million of a new series of unsecured unsubordinated fixed rate notes to New Zealand retail investors and to certain institutional investors (Fixed Rate Notes). BNZ reserves the right to accept oversubscriptions for Fixed Rate Notes at its discretion, but the maximum amount of notes to be issued by BNZ under both the Retail Offer and the Wholesale Offer described below together will not exceed NZ$1 billion. The Retail Offer opens today, Monday 11 November 2024, and is expected to close at 11:00am, Wednesday 13 November 2024. The Fixed Rate Notes have a maturity date of Friday, 19 November 2029 and an indicative margin of 0.88 – 0.93% per annum. The margin for the Fixed Rate Notes (which may be above or below the indicative margin) and interest rate will be set following a bookbuild process on Wednesday, 13 November 2024 and will be announced by BNZ via NZX shortly thereafter. The Fixed Rate Notes are expected to be issued on Tuesday, 19 November 2024. The Retail Offer will be made pursuant to the Financial Markets Conduct Act 2013 as an offer of debt securities of the same class as existing quoted debt securities. A Terms Sheet has been prepared for the Retail Offer, which contains more information. The Terms Sheet is attached to this announcement. Investors must receive a copy of the Terms Sheet before they acquire any Fixed Rate Notes. There are restrictions on offering, issuing or selling the Fixed Rate Notes outside New Zealand, as set out in the Terms Sheet. The Fixed Rate Notes are expected to be quoted on the NZX Debt Market and are expected to be rated AA- by S&P Global Ratings Australia Pty Limited and A1 by Moody’s Investors Service Pty Limited prior to the issue date. There is no public pool for the Fixed Rate Notes. Interested investors should contact BNZ, their financial intermediary or an NZX participant to apply for the Fixed Rate Notes. The minimum application amount in respect of the Fixed Rate Notes is NZ$5,000 and multiples of $1,000 thereafter. BNZ also launched an offer today (Wholesale Offer) of up to NZ$100 million of a new series of unsecured unsubordinated floating rate notes to certain institutional investors only, with a maturity date of Friday, 19 November 2027 (Wholesale FRN). BNZ reserves the right to accept oversubscriptions for the Wholesale FRN at its discretion, subject to the combined maximum amount of notes for the Wholesale Offer and Retail Offer described above. The offer period for the Wholesale Offer is the same as for the Retail Offer. The indicative margin for the Wholesale FRN is 0.65 – 0.68% per annum. The Terms Sheet for the Wholesale Offer will not be released via NZX and will be made available to institutional investors only by request to the Lead Manager. Ends For further information, please contact: May Zhang, Treasurer, BNZ T. 09 924 9203, E. bnz_treasury@bnz.co.nz