The Auckland Council has announced a 6 year bond issue of $125 m (plus $50m oversubscription) maturing on 16 October 2018.

The rate to be offered has a margin o  1.08% per annum which equates to 4.30%p.a on 8 Oct 2012.

The Council has a credit rating of AA from Standard and Poor’s and Aa2 from Moody’s and so the issue is likely to be popular with conservative investors.

The issue opens today and closes on Friday, 12 October 2012 at 12.00 pm when the rate will be set.