Issuer: Mighty River Power Limited (“Mighty River Power”)
Security: Unsecured, subordinated, redeemable, cumulative, interest bearing bonds (“Capital Bonds”)
Issue size: Up to $250 million (plus up to $50 million oversubscriptions)
Maturity: 11 July 2044
Reset Dates: 11 July 2019 and every fifth anniversary of that date
Interest rate: The indicative rate range for the Bookbuild process has been set at 6.8-7.0% per annum. Refer to attached Offer documents for full details of the Interest rate.
Credit Rating: The Capital Bonds are expected to be rated BB+. Mighty River Power is rated BBB+ (stable) by Standard & Poor’s
Applications: Minimum $5,000 with multiples of $1,000 thereafter.


Any thoughts on this issue? How do folk think it compares with similar NZ bonds?

The yield seems reasonable and compatible with what's on offer on similar rated stuff in the UK and Europe from what I can see.