Rabo caps PIE offer

It also says that the margin on its offer  had been set at 3.75% after the bookbuild process, meaning the total rate on the securities will be around the 8.53% mark.

Rabo is providing a public pool of $35 million and has allocated $295 million on a firm and reserved basis through NZX participants and to institutional investors.

The PIE Capital Securities - which are expected to be rated AA- by Standard & Poor's and Aa2 by Moody's - constitute perpetual preference shares paying quarterly dividends at a fixed rate for the first five years.

The Dividend Rate will be reset on June 18, 2014 at the margin over the prevailing five year swap rate and will be fixed for a further five years.