BZLNZ 5.698% 28Jan2035 Corp (USD)

Bond Factsheet

Bank of New Zealand

Indicative

Full Lot

Bid Price

98.609

Change in Bid Price

remove 0.305

Bid Yield (%)

6.165 %

Change in Bid Yield

0.104

Ask Price

98.749

Change in Ask Price

remove 0.310

Ask Yield (%)

6.117 %

Change in Ask Yield

0.106

Indicative price as of 01 Oct 2026, 3:50pm

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Bond Information

Bank of New Zealand (BNZ) operates as a banking services. The Bank offers saving, current account, investment advisory, online banking, mortgage, non-mortgage, loan facilities, credit card, and other financial services. BNZ serves customers in New Zealand.

Bond Issuer

Bank of New Zealand

Guarantor

Announcement Date

21 Jan 2025

Issue Date

28 Jan 2025

Maturity Date

28 Jan 2035

Years to Maturity / Next Call

8.329 / 3.327

Modified Duration

6.430 @ 01 Oct 2026

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

5.698

Coupon Type

Variable

Annual Coupon Rate

5.698

Coupon Frequency

Semi Annually

Seniority

Subordinated

Capital Structure

Tier 2

Reference Rate

Reset date: 28 Jan 2030
Reset Rate: Prevailing 5 year UST+ Initial Spread (1.300%)

ISIN

USQ1269WAA38

CUSIP

YS8250971

Bond Currency

USD

Total Issue Size

500,000,000

Min. Investment Quantity (Nominal)

USD 250,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

Corporate

Bond Sector

Financials

Bond Sub Sector

Banks

Issuer Credit Rating (S&P/ Fitch)

***/ A+

Bond Credit Rating (S&P/ Fitch)

***/ N.R

Shariah Compliant

Exchange Listed

Others

Bond Feature(s)

Issuer Call

Subject to certain conditions (including, the prior written approval of the Reserve Bank of New Zealand (“RBNZ”)) and upon giving not less than 30 days nor more than 60 days of notice to the Noteholders, the Issuer may redeem, in whole or in part, the Subordinated Notes then outstanding on the Reset Date (being the Optional Redemption Date), as described in the Offering Circular under Condition 7.3(A) “Redemption at the option of the Issuer – Issuer Call”.

Noteholders should not expect that the RBNZ’s approval will be given for any redemption of the Subordinated Notes under Condition 7.3(A) “Redemption at the option of the Issuer – Issuer Call”.

If the Issuer redeems the Subordinated Notes in these circumstances, the redemption price of each Subordinated Note redeemed will be equal to 100% of the outstanding principal amount of the Subordinated Notes being redeemed (being the “Optional Redemption Amount”) (as further described in the Offering Circular under Condition 7.3(A) “Redemption at the option of the Issuer – Issuer Call”), together with interest accrued to (but excluding) the Optional Redemption Date.

Call Date: January 28, 2030 (5 years); one-time call

Additional Note

Tier 2

Subordinated Notes issued by BNZ will be direct and unsecured obligations of BNZ and will be subordinated to the claims of all Senior Creditors of BNZ in right of payment with respect to the assets of BNZ in the event of a Liquidation of BNZ as defined and further described in Condition 3.3. For the avoidance of doubt, the Terms and Conditions of Subordinated Notes issued by BNZ do not contain a non-viability trigger event and Subordinated Notes issued by BNZ are not subject to mandatory conversion into ordinary shares in the capital of BNZ or writeoff. Subordinated Notes issued by BNZ do not constitute deposit liabilities of BNZ and are not guaranteed or insured by any government, government agency, compensation scheme of Australia, His Majesty the King in right of New Zealand or any other jurisdiction or by any other party.

Redemption for Specified Taxation or Regulatory Events:

Subject to certain conditions (including the prior written approval of the RBNZ) and upon giving not less than 30 days nor more than 60 days of notice to the Noteholders, the Issuer may redeem, in whole or in part, the Subordinated Notes if specified events occur involving certain taxation or regulatory reasons, as described in the Offering Circular, in particular under Condition 7.2 “Redemption for tax reasons” and Condition 7.2B “Redemption for a Regulatory Event – BNZ”, at a redemption price equal to the Early Redemption Amount of such Subordinated Note, together with interest accrued to (but excluding) the date of redemption.

Noteholders should not expect that the RBNZ's approval will be given for any redemption of the Subordinated Notes under Condition 7.2 “Redemption for tax reasons” or Condition 7.2B “Redemption for a Regulatory Event – BNZ”.

For the purpose of this Condition 7.2B, Regulatory Event means:

(a) the receipt by the Directors of BNZ of an opinion from a reputable legal counsel that, as a result of a Regulatory Change, additional requirements would be imposed on BNZ in relation to or in connection with the regulatory treatment of the Subordinated Notes, which additional requirements the Directors of BNZ determine, in their absolute discretion, have, or would have, an unacceptable adverse effect; or

(b) the determination by the Directors of BNZ that, as a result of a Regulatory Change, BNZ is not or will not be entitled to treat some or all Subordinated Notes as Tier 2 Capital (as defined in Condition 7.2).

For the purpose of this Condition 7.2B, Regulatory Change means any amendment to, clarification of or change (including any announcement of a change that will be introduced) in or to:

(a) any law or regulation in New Zealand;

(b) any official administrative pronouncement or action or judicial decision interpreting or applying any law or regulation in New Zealand; or

(c) any order, direction, standard, requirement, guideline or statement of the RBNZ (whether or not having the force of law), in each case provided that such event is not minor and could not reasonably have been anticipated by BNZ as at the Issue Date.

Bondsupermart strives to ensure the accuracy and relevance of the information provided here. If the information is not up-to-date or erroneous, we appreciate feedback to keep it accurate.

Coupon Dates	Coupon Receive	Principal Amount	Cash Flow

No Data