After it set the minimum coupon at the apex end of its range to attract the investors, APN News & Media kept the limit of its New Zealand five year bond sale at $100 million.

On November 8, when the publisher of the New Zealand Herald had first made the declaration of the sale, they had said that with the option of the over-subscription of $50 million, they may sale $150 million of bonds.

This week considering the apex end is at 7.3%-to-7.8% during the presentation the coupon will be at 7.8%. According to the Overnight Index Swap curve, the speculation in market is that the Reserve Bank is poised to hike the official cash rate from the current 3% in one year.

Brenden Hopkins who is chief executive of APN News & Media said that the coupon was at apex of their range and they were happy to take what was offered in their range without any problem. Peter Meyers who is the chief financial officer of the company said in a statement given to the press that due to recent extension of the banking facilities offered to APN, the pressure was eased for offering a higher coupon.