BNZ Notes offer: bookbuild update

Exchange announcement 12 November 2024 BNZ notes offer: bookbuild update On 11 November 2024, Bank of New Zealand (BNZ) announced the launch of an offer (Retail Offer) of up to NZ$100 million of a new series of unsecured unsubordinated fixed rate notes with a maturity date of 19 November 2029 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 bookbuild process for the Fixed Rate Offer is underway. Fixed Rate Notes bookbuild: - Firm orders for the Fixed Rate Notes are in excess of NZ$400 million (excluding Lead Manager trading interest) at the revised indicative margin below. - Based on orders to date, BNZ expects to issue at least NZ$350 million of the Fixed Rate Notes. - The indicative margin for the Fixed Rate Notes in the launch announcement was 0.88 – 0.93% per annum. - The indicative margin for the Fixed Rate Notes has been revised to 0.88 – 0.90% per annum. - Bids are due by 11:00am NZT, Wednesday 13 November 2024. More information on the Fixed Rate Notes offer is contained in the Terms Sheet which was attached to the launch announcement on 11 November 2024. On 11 November 2024, BNZ also announced the launch of an offer (Wholesale Offer) of up to NZ$100 million of a new series of unsecured unsubordinated floating rate notes with a maturity date of 19 November 2027 to certain institutional investors only (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 bookbuild process for the Wholesale Offer is underway. Wholesale FRN bookbuild: - Firm orders for the Wholesale FRN are in excess of NZ$320 million (excluding Lead Manager trading interest) at the revised indicative margin below. - Based on orders to date, BNZ expects to issue at least NZ$200 million of the Wholesale FRN. - The indicative margin for the Wholesale FRN in the launch announcement was 0.65 - 0.68% per annum. - The indicative margin for the Wholesale FRN has been revised to 0.66 - 0.68% per annum. - Bids are due by 11:00am NZT, Wednesday 13 November 2024. The Terms Sheet for the Wholesale FRN has not been 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