Goodman Property Trust's listed bond issue

Philip Bayley
Across the Tasman Sea, Nordic Investment Bank added another NZ$100 million to its April 2015 line to take outstandings to NZ$300 million. Priced at 42 basis points over the New Zealand government bond benchmark, this is the third top-up since the line was opened at NZ$100 million in March 2008, and the pricing is in line with that of its June 2009 addition.

Goodman Property Trust subsidiary GMT Bond Issuer Limited is to issue NZ$100 million of five-year, secured bonds, with oversubscriptions of up to NZ$50 million being acceptable. The NZDX listed offer will open on November 16 and close on December 10.

Goodman Property Trust obtained a 'BBB' long-term corporate credit rating from S&P with a stable outlook, ahead of announcing the bond issue, which is rated 'BBB+'. The one notch improvement in rating for the bond issue reflects the secured status of the issue.