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South Canterbury increases bond offer

South Canterbury Finance has opened and expanded its offer of five year, fixed rate secured bonds.

Monday, 19 November 2007
The company initially planned to raise $100 million, but has now extended the offer to $125 million.

Lead manager Forsyth Barr has underwritten the offer to $75 million. The offer will be made up of up to $100 million of secured bonds (plus oversubscriptions of up to an additional $25 million).

The bonds have been rated BBB- by Standard and Poor's – which rating is consistent with South Canterbury Finance's company rating of BBB-.

Interest will be either 10.25%, or set at a margin of 2.25% above the five year swap rate.

South Canterbury Finance chief executive Lachie McLeod says the offer was increased due to strong support from institutional investors, broking firms and financial intermediaries.

Money raised will "assist South Canterbury Finance to further diversify and extend the duration of its funding base and, together with the recently announced increase in South Canterbury Finance's shareholders' funds of $65 million, will provide the opportunity for us to capitalise on some very favourable lending opportunities in the market at present."

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Cash PIE Rates
Cash Funds
Institution Rate 33% 38%
ANZ 3.25 3.40 3.67
ASB 3.40 3.55 3.84
BNZ 3.90 3.71 4.01
Direct Broking 2.85 2.98 3.27
First Mortgage Trust 5.01 5.23 5.66
Forsyth Barr 2.00 2.09 2.30
Forsyth Barr 2.25 2.35 2.58
Forsyth Barr 2.75 2.87 3.16
Forsyth Barr 3.00 3.13 3.44
HSBC 2.70 2.82 3.05
Kiwibank 2.90 2.96 3.15
Kiwibank 3.50 3.58 3.80
Marac 5.50 5.75 6.31
National Bank 3.25 3.40 3.67
RaboPlus 3.50 3.71 4.01
SBS 3.20 3.39 3.66
Spicers 2.68 2.80 3.08
TSB 4.81 5.10 5.52
UDC 3.50 3.66 3.95
Westpac 3.25 3.43 3.71
Term Funds
Institution Rate 33% 39%
ANZ - 90days 4.00 4.25 4.67
Kiwibank - 90days 3.75 3.92 4.23
Kiwibank - 120days 3.75 3.92 4.23
Kiwibank - 6mth 4.50 4.68 4.98
Kiwibank - 12mth 5.20 5.43 5.87
Marac - 12mth 7.25 7.77 8.40
National Bank - 90days 4.00 4.17 4.59
National Bank - 6mth 4.90 5.01 5.42
National Bank - 12mth 5.20 5.53 5.95
UDC - 12mth 5.20 5.51 5.95

Rates as at 02 August 2010

For a full comparison table, click here.
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With the recent movement in five-year term deposit rates in the past week by BNZ and ASB, the above graph looks at the margins between the major retail banks five-year fixed home loan rates and the five-year term deposit rates since the beginning of the year.

The term deposits are based on a $10,000 deposit.

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