KEY POINTS:
Westpac Institutional Bank has been appointed lead manager to distribute a new retail investment product from the World Bank in New Zealand.
The senior unsecured notes require a minimum holding of $5000. The issuer is the International Bank for Reconstruction and Development (IBRD), which has a AAA/Aaa rating.
Rod Smith, Westpac's head of debt capital markets, believes the investment will appeal to socially responsible institutional and retail investors.
The interest rate will be set on July 14 and will be the base rate of the four-year swap rate, less the margin. If set today, the interest rate would be 7.22-7.24 per cent with a margin of 34 to 36 basis points.
The offer will open next Monday for three weeks.
