If all they got was $129 million then the issue could be considerd a complete failure. explains why my broker kept calling me on the issue. Probably very long in firm allocation.

If this is the case i would expect some secondary market weakness as brokers dipose on the residual Stock.

as has been discussed this is a sub issue with all the risk that implies andis dated (long) to meet rating agency requirements for an equity credit.

If NZG privatise the gentailors it will be interesting to see if more rather than less regulatory pressue is applied.