Prelaunch Bond Factsheet
New Issue Announced
ASBBNK 02Nov2029 Corp (USD)
ASB Bank Ltd
Bond Issuer
ASB Bank Ltd
Guarantor
-
Price Guidance
T+110 bps area (Est. 5.970%)
Announcement Date
-
Issue Date
02 Nov 2026
Maturity Date
02 Nov 2029
Years to Maturity
3.034
Issue / Reoffer Price
-
Issue / Reoffer Yield
-
Coupon Type
Fixed
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Exchange Listed
No
ISIN
USQ0553JAB72
CUSIP
-
Bond Currency
USD
Issue Size
USD Benchmark
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
*** / N.R
Bond Credit Rating (S&P/ Fitch)
*** / N.R
Shariah Compliant
No
Reference Rate
-
Additional Note
Subject to the Redemption Conditions, including prior RBNZ approval, the Issuer may redeem the Notes, in whole but not in part, at any time following the occurrence of a Subordinated Notes Tax Event or a Subordinated Notes Regulatory Event (each as defined in the Offering Circular (as defined below)), at the principal amount thereof plus accrued and unpaid interest to but excluding the date fixed for redemption. Redemption of Subordinated Notes for regulatory reasons:
Subject to the conditions described in “—Subordinated Notes―Redemption Conditions”, we may at our option, at any time and on giving not more than 60 nor less than 30 days’ written notice to the Subordinated Noteholders of the relevant tranche (which notice shall be irrevocable) redeem the Subordinated Notes of the relevant tranche in whole, but not in part, at any time following the occurrence of a Subordinated Notes Regulatory Event (as defined below), at the principal amount thereof plus accrued and unpaid interest to but excluding the date fixed for redemption (unless the applicable pricing supplement specifies another redemption price).
“Subordinated Notes Regulatory Event” means a determination by us, in our absolute discretion, that, with respect to any tranche of Subordinated Notes, there has been, or there will be, any amendment to, clarification of, change in or to, change in the interpretation, application or administration of, or imposition of:
(i) any law, regulation or directive in New Zealand;
(ii) any official administrative pronouncement or action or judicial decision interpreting or applying any law, regulation or directive in New Zealand; or
(iii) any order, direction, standard, requirement (including any prudential regulation requirement), guideline or statement of the RBNZ (whether or not having the force of law),
in each case that applies, or is to apply, after the issue date of such Subordinated Notes and, as a result, either:
(A) we are or will be adversely affected in relation to our regulatory capital treatment of such Subordinated Notes; or
(B) we are not or will not be entitled to treat some or all such Subordinated Notes as Tier 2 Capital,
provided that such event is not minor and could not reasonably have been anticipated by us at such issue date.
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