A&O Shearman has helped the New Zealand Local Government Funding Agency Limited (LGFA) to set up a US$10BN Euro Medium Term Note Programme.
The programme includes three multi-currency issuances. The agency issued a seven-year CHF220m fixed rate bond, a three-year US$500m fixed rate bond and a five-year €500m fixed rate bond under the programme over three weeks and within two months of the programme’s establishment.
“These landmark deals mark a significant milestone in LGFA’s journey towards diversifying its funding sources. For the first time, they have ventured into international markets, surpassing their previous fundraising activities in Australia and New Zealand”, A&O Shearman lead partner Minesh Patel said. “By issuing listed bonds in various currencies, they have demonstrated their newfound ability to access a deep pool of offshore institutional investors which will provide a strong platform for any future trades”.