Deposit rate news briefs

Dominion capital notes filled already, Nathans rated, Fernz downgraded, Superbank's deposits grow, Big half year for Strategic, More TeleBonds.

Tuesday, 14 March 2006

The lead manager, McDouall Stuart Securities, says broker allocation requests comfortably exceed the total size of the $30 million issue, plus the $10 million of oversubscriptions, and widespread scaling of those requests has occurred.

Dominion Finance chief executive Terry Butler believes the success of the issue is clear evidence that brokers see Dominion Finance as a well run and established businesses worth investing in.

Nathans rated, Fernz downgraded
Grosvenor’s Bondwatch service has downgraded Fernz (Nufarm) capital notes from G3 to G4. Also, Nathans Finance secured debentures have been rated G6.

Superbank grows deposit book
Superbank's deposit book grew 4.8%, or by nearly $24 million, to $524 million in the three months ending December 31. Its deposit book in December 2004 stood at $412.3 million.

Big half year for Strategic
Strategic Finance says the six-month period to December 31 had been the company’s largest ever-lending period, along with a record inflow boosting its cashbook.

It has reported an unaudited interim net profit after tax of $12.3m for the period, compared to $11m interim profit in the previous first half.

"December was the highest lending month the company has ever experienced,” chief executive Kerry Finnigan says. "This is a reflection of investors’ confidence in the economy over the period, and their confidence in our ability to make astute financing decisions.”

“We are still expecting that high levels of investment and lending for the next six month period will place us ahead of target again,” he said.

The company is working on an Australia-linked expansion to ensure it is well positioned for the future.

More TeleBonds
Telecom’s finance company, TCNZ Finance, has placed two tranches of TeleBonds with New Zealand brokers and institutional investors. The tranches are: 7 Year TeleBonds (maturing 22 March 2013) and 10 Year TeleBonds (maturing 22 March 2016), totalling $400 million. There will be no public pool.

The TeleBonds are unsecured unsubordinated interest bearing obligations of TCNZ Finance. They will be listed on the NZDX market.

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