Auckland Council considers retail bond offer
"If the council concentrated on core infrastructure services we wouldn't need extra money."Featured comment
(BusinessDesk) Auckland Council, New Zealand's biggest local body after its amalgamation of eight of the region's councils into one in November 2010, is seeking public feedback as it mulls an offer of fixed-rate secured bonds.
The bonds would form part of the council's overall borrowing programme to fund its investment in the region, it says in a statement.
The money will be used to improved public transport, sports fields, new libraries and community facilities.
The super city has appointed Australia & New Zealand Banking Group and Bank of New Zealand as joint lead managers and full details of the bond issue will be released on October 8.
The council's commercial interests include Ports of Auckland, Auckland Film Studios and a 22.4% shareholding in Auckland International Airport.