Fletcher Building is seeking to raise $200 million on the debt market.
The company's finance arm is issuing capital notes to raise money to fund the group's general business operations.
Debt securities issued on the market by solid companies are proving popular among investors who are shying away from the stock market.
Fletcher Building recently expressed concern that the government's move to guarantee bank deposits might deter investors from putting their money into the debt market, and will be testing that with the issue of capital notes.
The unsecured securities, which rank lowest in order of repayment, will be issued in two series with maturity dates in five and seven years' time.
The interest rate initially offered is 9%, but Fletcher Building can change this at any time.
Investors must buy a minimum $5000 worth of the capital notes, and the offer will remain open until April 2009.