Council bonds sold out

Manukau Mayor Len Brown says he is pleased to announce Manukau City Council bonds have sold out, following the launch of the initiative just over a fortnight ago.

“We are very excited that we’ve been able to offer our community this opportunity to invest in the city’s growth and future.”

Mr Brown says the response has been phenomenal and shows that the ‘mum and dad’ investor is looking for a quality investment with a reasonable return during these current economic times.

Finance Director Dave Foster says the council couldn’t have asked for a better result.

“This is a win, win situation – giving us the funds to provide the assets and facilities needed to shape the future of Manukau and the wider Auckland region, as well as providing a secure investment for those who have taken up the bond offer.”

The bond offer was planned to be open until 30 September 2009, but has closed earlier, due to the target of $90 million being reached today.

BNZ Capital acted as arranger for this bond issue.