EDC issues its first New Zealand Dollar Kauri Global Bond



    OTTAWA, Nov. 23 /CNW Telbec/ - Export Development Canada (EDC) announced
today that it has launched a 375 million New Zealand Dollar Kauri Bond on
Tuesday, the first in its corporate history. A Kauri bond is one that is
placed by a foreign issuer in the New Zealand domestic market.
    The 3-year bond was a syndicated transaction lead-managed by Bank of New
Zealand and RBC Dominion Securities Inc. Co-lead managers were ABN Amro Bank
N.V., Deutsche Bank A.G., New Zealand Branch and Toronto Dominion Bank,
Australia Branch.
    "Diversifying EDC's investor base is a strategic priority, and placing
bonds with new investors located in New Zealand has provided an excellent
opportunity to expand EDC's market presence," said Marie MacDougall,
Vice-President and Treasurer. "International investors responded quickly and
positively to acquire high quality AAA/Aaa Canada credit denominated in New
Zealand dollars."
    The geographical distribution of the placement was 39 per cent domestic
(Canadian) and 61 per cent international investors. Proceeds from the bond
will be used to support EDC's funding needs that will enable EDC to facilitate
the commercial needs of Canadian exporters and investors that would like to do
more business internationally, which will help to grow Canada's export trade.
    The bonds were issued at a price of 99.908501 per cent and will pay a
coupon of 8.125 per cent per annum through semi-annual payments. This gives
investors a yield of 8.16 per cent (s.a.), equivalent to a spread of 113 basis
points above the underlying NZGB 6.0 per cent 15 Nov 2011 bond.

    Summary terms and conditions for the new Kauri bond issue:

    Amount: NZD 375 million
    Settlement date: Nov 30, 2007
    Maturity date: Nov 30, 2010
    Issue / re-offer price: 99.908501 per cent
    Yield: 8.16 per cent
    Coupon: 8.125 per cent
    Denomination: NZD100,000
    Format: Registered notes
    Listing: None
    Clearing systems: Austraclear

    EDC is Canada's export credit agency, offering innovative commercial
solutions to help Canadian exporters and investors expand their international
business. EDC's knowledge and partnerships are used by 6,400 Canadian
companies and their global customers in up to 200 markets worldwide each year.
EDC is financially self-sustaining and is a recognized leader in financial
reporting, economic analysis and has been recognized as one of Canada's Top
100 Employers for seven consecutive years.




For further information:

For further information: Media contact: Phil Taylor, EDC Public Affairs,
(613) 598-2904, ptaylor@edc.ca


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