Last week ANZ National CEO Graham Hodges went to the United States for a roadshow to promote this US$1 billion bond issue. Its success was no sure thing.
Time and again, Hodges says, investors told him Key’s interview in the Wall St Journal had reassured them, despite the uncertainty of a potential credit rating downgrade. Sometimes it’s a struggle to get foreign investors to look past the shorthand of credit ratings and the headlines of research notes. Key’s interview made them sit up and take notice.
Hodges said it seemed to strike a chord.
It turns out the interview was a crucial factor in the success of the bond issue, the first long term issue by a New Zealand bank since July last year. It is likely to set the tone for more.
Stuff like this you just never see in most other media.