LGFA Bond Issuance Programme Update

NZX Announcement

24 April 2020

LGFA BOND ISSUANCE PROGRAMME UPDATE AND REVISED LGFA BOND TENDER SCHEDULE 2020

Following discussions with our participating councils, at this stage New Zealand Local Government Funding Agency Limited ("LGFA”) is expecting the issuance volume of LGFA bonds for the remaining two months of the financial year (until 30 June 2020) to be $400 million, subject to market conditions. As a result of the revised target, LGFA (NZX: LGF) advises it will hold an extra bond tender on 6th May 2020. 

For the 2020 - 21 financial year, LGFA is forecasting a gross issuance volume of $2.6 billion. The issuance volume is subject to change and market conditions and will be determined by LGFA at the relevant time as it will depend upon the amount and timing of borrowing by councils and (if applicable) council-controlled organisations and the size of the LGFA Liquid Asset Portfolio.

LGFA will provide a further funding programme update when it releases the Final Statement of Intent by the 30 June 2020 and intends to provide updates on a quarterly basis thereafter.

Upcoming tender dates for LGFA bonds

Tender No

Announcement Date

Tender Date

Settlement Date

71

04 May 2020

06 May 2020

11 May 2020

72

29 May 2020

03 Jun 2020

08 Jun 2020

73

06 Jul 2020

08 Jul 2020

13 Jul 2020

74

11 Aug 2020

13 Aug 2020

17 Aug 2020

75

05 Oct 2020

07 Oct 2020

12 Oct 2020

76

10 Nov 2020

12 Nov 2020

16 Nov 2020

77

14 Dec 2020

16 Dec 2020

21 Dec 2020

 

This schedule is subject to change.  

ENDS

Released on behalf of Local Government Funding Agency Limited by Mark Butcher, Chief Executive.

Telephone         +64 4 974 6744

Email                  mark.butcher@lgfa.co.nz

Website             lgfa.co.nz

 

24 Apr 2020