Bank of New Zealand raises NZ$540 mln in notes

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SYDNEY, July 13 (Reuters) - Bank of New Zealand (BNZ), the
country's third largest lender, has raised NZ$540 million ($339
million) in four separate transferable deposit issues, it said
on Monday.

The issues include a combination of increases and new lines
with some covered by a New Zealand government guarantee put in
place to help banks weather the global financial crisis.

BNZ is a unit of National Australia Bank (NAB.AX),
Australia's top lender.

Details of the government-guaranteed bond are as follows:

Issuer: Bank of New Zealand

Facility: Fixed rate government backed note increase

Guarantor: New Zealand

Law: New Zealand

Amount issued: NZ$415 million

Total amount: NZ$700 million

Maturity: Feb. 20, 2014

Set date: July 7

Coupon: 4.775 percent

Yield: 5.68 percent

Spread: +60 basis points over swap or

+102 bps over 2013 NZGB

Issue price 98.167282 including 1.807113 interest

Lead(s): BNZ Capital

Issuer ratings: AAA (S&P), Aaa (Moody's)

Issue ratings: AA (S&P), Aa2 (Moody's)

Details of the unguaranteed issues are as follows:

Issuer: Bank of New Zealand

Facility: Fixed rate notes

Law: New Zealand

Lead(s): BNZ Capital

Issue ratings: AA (S&P), Aa2 (Moody's)

Tranche: 2016 2013 2012 tap

Amount issued: NZ$50 mln NZ$50 mln NZ$25 mln

New total: NZ$50 mln NZ$50 mln NZ$125 mln

Set date: 27 May 14 July 13 July

Maturity: 27 May 2016 15 Apr. 2013 15 Sep. 2012

Coupon: 7.465% 6.12% 7.50%

Yield: 7.465% 6.12% 5.68%

Spread: +200bp/swap +135bp/swap +120bp/swap

Gross price 100 101.4933933 107.652174
($1=1.594 New Zealand Dollar)
(Reporting by Cecile Lefort)