LGFA Bond Issuance Programme Update/Revised Bond Tender Schedule for 2020-21

NZX Announcement
30 June 2020

LGFA BOND ISSUANCE PROGRAMME UPDATE AND REVISED LGFA BOND TENDER SCHEDULE FOR 2020-21 FINANCIAL YEAR

Following discussions with our participating councils and completion of the three-year forecasts for the 2020-21 Statement of Intent (“SOI”), the New Zealand Local Government Funding Agency Limited ("LGFA”) is expecting the issuance volume of LGFA bonds for next three years to be:

• $2.53 billion for the financial year ending 30 June 2021
• $2.10 billion for the financial year ending 30 June 2022
• $2.15 billion for the financial year ending 30 June 2023

These issuance amounts are unchanged from that advised to the market by LGFA (NZX: LGF) on 24 April 2020. The issuance volume is however subject to change and will be determined by LGFA at the relevant time as it will depend upon the amount and timing of borrowing by councils and council-controlled organisations and the size of the LGFA Liquid Asset Portfolio.

Upcoming tender dates for LGFA bonds
 

Tender No

Announcement Date

Tender Date

Settlement Date

73

06 Jul 2020

08 Jul 2020

13 Jul 2020

74

11 Aug 2020

13 Aug 2020

17 Aug 2020

75

7 Sep 2020

9 Sep 2020

14 Sept 2020

76

05 Oct 2020

07 Oct 2020

12 Oct 2020

77

10 Nov 2020

12 Nov 2020

16 Nov 2020

78

14 Dec 2020

16 Dec 2020

21 Dec 2020

79

01 Feb 2021

03 Feb 2021

08 Feb 2021

80

08 Mar 2021

10 Mar 2021

15 Mar 2021

81

13 Apr 2021

15 Apr 2021

19 Apr 2021

82

10 May 2021

12 May 2021

17 May 2021

83

04 Jun 2021

09 Jun 2021

14 Jun 2021


Note that LGFA has scheduled an extra bond tender on 9 September 2020 when compared to the previous announcement on 24 April 2020.

LGFA may also consider replacing one or more tenders with a syndicated offering of bonds during
the 2020-21 financial year.

LGFA will provide a further funding programme update by 30 September 2020 and intends to provide updates on a quarterly basis thereafter.

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

30 Jun 2020