Rates Round Up
First Mascot Finance payment beats expectations; NZDMO to increase this year's bond programme; MTF cancels credit rating on euro commercial paper.
Monday, 3 May 2010
by Paul McBeth
First Mascot Finance payment beats expectations
In their previous report, Paul Munro and Brett Chambers of Deloitte estimated the first payment to be 50 cents in the dollar, but selling the failed company's buildings and recovering the full value of its gaming loan book, it paid back $35.8 million of the $65.2 million owed to some 2,500 investors.
That leaves 116 loans on the company's books at a net value of $33.7 million, with property loans the most problematic.
Mascot's investors were covered by the government's retail deposit guarantee, which pays out investors and takes on their liability.
NZDMO to increase this year's bond programme
That may result in fewer government bond issuances in the coming years.
MTF cancels credit rating on euro commercial paper
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