Free rider problems and tax bills? The Kiwibank capital cock-up

Mar 25, 2017

∙ Paid

On 15 March, New Zealand Kiwibank issued two odd statements regarding their Basel III compliant (or is it ~~compliant~~) capital instruments. The announcements raised the prospect of disqualification of two capital instruments: the Tier 2 convertible subordinated bond issued on 6 June 2014 (Tier 2 Bond); and the Additional Tier 1 perpetual bond issued on 27…