N.Z. City Bond Seller Considers Debut Offerings in Europe, U.S.
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New Zealand’s newly formed municipal debt agency, forecast to become its second-biggest non-bank bond issuer, may carry out the first foreign sales of regional notes to cut costs as cities boost borrowings.
The Local Government Funding Agency, set up to sell bonds on behalf of New Zealand’s councils, may offer notes in Europe and the U.S. private placement market, Chairman Craig Stobo said today. Regional authorities including Auckland and Christchurch may more than double outstanding debt to NZ$11 billion ($8.6 billion).