Swiss loan to N.Z.
PA' Wellington New Zealand will borrow 250 M Swiss francs (about SNZI49M) by way of a placement of fiveyear notes with Swiss institutional investors. Of the total, SNZ9OM will be used to repay in advance of maturity a loan raised in 1975. The interest rate of the 1975 loan was 8 per cent compared with 41 per cent for the new loan. The Prime Minister (Mr Muldoon) said yesterday that much of the loan was expected to be provided by the holders of the notes being repaid.
The placement is being managed by the Union Bank of Switzerland. Mr Muldoon said Newl Zealand was also negotiate | ing with the Swiss Bank Corporation for terms for a Swiss franc public bond issue. “It is too early yet to I say what the precise i terms of the issue will be i as the Swiss market has , been somewhat unsettled this year,” he said. “How- ■' ever, it is clear that we ! will be offered the terms | available only to borro-| wers of the highest credit i standing.”
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Press, 20 July 1979, Page 4
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179Swiss loan to N.Z. Press, 20 July 1979, Page 4
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