Back on 7 March Kiwibank announced it had priced $175 million 10 year bonds. It was to be Kiwibank first transaction in the Kangaroo market where issuers incorporated offshore issue bonds denominated in Australian dollars, since 2009. The timing could have been a bit better. Only a week earlier, all three credit ratings agencies had downgraded Kiwibank’s debt to A/A1/AA-. Kiwibank’s major shareholder is New Zealand Post, which removed a...