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Rates revenue pledged to secure Auckland City bond

Further to comments made last week, the upcoming NZ$350 million, five-year, retail bond issue will be secured by a charge over the Council's rate revenue. This should result in the bonds issued by the 'AA-' rated council, being rated one notch higher at 'AA', to reflect their secured status.The coupon range has now been narrowed to the greater of 6.25 per cent or the five-year swap rate plus 111 basis points. The coupon will be fixed on March 22. 

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