10 October 2019
Anthony Jordan
[FYI request #11295 email]
Tēnā koe Anthony
Your Official Information Act request, reference: GOV-001868
Thank you for your email of 26 September 2019, asking for the following information under the Official
Information Act 1982 (the Act):
1. Did ACC tender in the 2 Bil ion Dol ar offer to the Government just concluded
2. If a participant in the Bond tender what amount did ACC offer
3. What did the Government accept of the tender put forward by ACC as to the amount
4. What did the Government accept of the tender put forward by ACC as to the interest rate
5. What did the Government accept of the tender put forward by ACC as to the term
ACC’s participation in 15 May 2031 Nominal Bond
We have interpreted your request to be in relation to the syndication of the ‘15 May 2031 Nominal
Bond’, in which ACC did participate.
ACC bids for the bonds in the syndication at a range of amounts at different prices. If the amounts ACC
bid for the bonds was to be publicly released, other market participants would become aware of ACC’s
bidding strategy in similar bond syndications and use this information to bid against ACC.
The amount of bonds ACC was allocated against how much we bid for is commercially sensitive
information. If it was publicly known how the Treasury had al ocated the bonds to a bidder this could
lead to debate and dissatisfaction around bond allocations. This may result in fewer participants in bond
syndication and compromise future bond syndication activity undertaken by the Treasury.
As such, we are refusing to provide you with the information requested in questions 2 and 3 under
section 9(2)(i) of the Act to enable ACC to carry out commercial activities without prejudice. ACC has
carefully considered whether there are reasons why it is desirable, in the public interest, to make this
information available. ACC is of the view that the need to protect the requested information outweighs
any public interest in making the information available.
We have interpreted your request for ‘
the tender put forward by ACC as to the interest rate’ to be for
the coupon of the bond and your request for the term to be for the bond maturity date. This
information can be found on the Treasury website at
https://debtmanagement.treasury.govt.nz/sites/default/files/media/media_attachment/govtbonds-
syndication-2019-09-18.xlsx.
Further information on the result of the syndication of the 15 May 2031 Nominal Bond can be found on
the Treasury website a
t https://debtmanagement.treasury.govt.nz/investor-resources/issue-15-may-
2031-nominal-bond-announced.
As the requested information is publicly available, we are not providing information on the coupon or
the maturity date. This decision is made under section 18(d) of the Act.
GOV-001868
How you can get in touch
If you have any questions, you can email me at
[email address].
If you are not happy with this response, you have the right to make a complaint to the Ombudsman.
Information about how to do this is available at
www.ombudsman.parliament.nz or by phoning 0800
802 602.
Nāku iti noa, nā
Emma Coats
Manager Official Information Act Services
Government Engagement & Support
Accident Compensation Corporation
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