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News Archive - February 2009

2 Feb 2009 Meridian offers fixed-rate notes
Meridian Energy is offering to sell fixed-rate notes as New Zealand’s biggest power company ramps up construction of new wind and hydroelectric plants.
2 Feb 2009Nothing left for Capital + Merchant investors
Capital + Merchant Finance is shaping up to be one of the worst finance company collapses, with the receivers saying investors are likely to get very little, if any of their money back.
3 Feb 2009Dorchester to proceed with doomed liquidation vote
Dorchester Pacific, whose main finance unit gained investor approval for its deferred repayment plan in December, will proceed with a special meeting to vote on putting the business into liquidation.
3 Feb 2009Fonterra sets minimum rate for six-year bonds
Fonterra Cooperative Group, the world’s biggest exporter of dairy products, set the minimum interest rate on its six-year bond offer at 7.75%, a rate high enough to lure investors faced with waning returns from bank deposits.
3 Feb 2009Tower joins corporates seeking to tap demand for bonds
Tower is considering making an offer for up to $100 million of bonds, joining the throng of corporates tapping the market for better yields as interest rates slide.
5 Feb 2009South Canterbury Finance bonds snapped up
South Canterbury Finance’s 8% bonds were snapped up without the need for a public pool, raising $100 million including oversubscriptions.
6 Feb 2009Money at Work: Meridian Energy's Renewable Energy Notes
Money at Work looks at Meridian's Renewable Energy Notes, cutely called RENs.
6 Feb 2009Money at Work: Meridian Energy's Renewable Energy Notes
Money at Work looks at Meridian's Renewable Energy Notes, cutely called RENs.
9 Feb 2009Moody’s downgrades Packaged Income Notes
Moody's has announced ratings changes for Packaged Income Notes (PINs) 2005-1 and 2006-1, due to problems with the notes' managers.
10 Feb 2009SBS adds five-year bond
SBS Bank is introducing a five-year bond, specifically for its customers, but is looking to make a broader offering to the public in the future.
13 Feb 2009Auckland City may raise $150m selling bonds
Auckland City Council said it is considering the sale of up to $150 million of fixed-rate, five-year bonds this month.
23 Feb 2009F&P Finance flourishing
While its parent company has a debt problem, Fisher & Paykel Finance is flourishing since it received its government guarantee of its debentures.
24 Feb 2009Rates round-up
Canterbury Mortgage Trust to wind up fund; Marac’s asset-backed paper first to be accepted from RBNZ; Meridian’s notes rated; Strategic cancels dividend payments; BNZ has first wholesale guaranteed bond.
25 Feb 2009Strategic posts first-half loss
Strategic Finance posted a first-half loss on increased provisioning and bad debts stemming from the downturn in the property and finance sectors.
27 Feb 2009MARAC profit falls 48%
MARAC Finance, the finance company owned by Pyne Gould Corp., said first-half profit fell 48% on impairment charges for bad loans and a downturn in lending.

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