|1 Jul 2009||Conservative approach the way for Geneva and St Laurence|
Things aren't likely to improve in the near future for finance companies Geneva Finance and St Laurence Property and Finance, with both firms undergoing heavy restructuring and looking to focus on minimising risk in the coming year.
|2 Jul 2009||S&P happy with Hubbard|
South Canterbury Finance’s BBB- credit rating partly reflects the tacit support and resources of founder Allan Hubbard, S&P says.
|3 Jul 2009||F&P Finance ups long rates|
The week has ended with more increases in term investment rates. Fisher & Paykel Finance has raised medium to long term rates and ANZ National has moved its shorter term rates.
|3 Jul 2009||Hubbard injects $40m into SCF|
South Canterbury Finance (SCF) founder Allan Hubbard, has injected $40 million of new capital into the business and undertaken to provide further support if required, to counter the impact of any balance sheet write downs of property loans.
|6 Jul 2009||Rates Round Up|
BNZ bond offer raises $260 mill; Rates rise; Fortress Notes find more life, but outlook remains grim.
|6 Jul 2009||Lombard auditor questions value of debentures|
Lombard Group's annual report has been passed with qualifications for the second year in a row after Hamilton-based accounting firm Auditors on London raised concerns about the valuation of debenture stock and the validity of the company's earnings being prepared as a going concern.
|7 Jul 2009||South Canterbury Finance gets S&P warning|
UPDATED: South Canterbury Finance is teetering on the edge of moving into junk bond status.
|9 Jul 2009||BondWatch still has a future in new world|
BondWatch, the rating service for investors run by Grosvenor Financial Services, will have plenty of opportunities under the upcoming prudential regime, despite not being one of the headline rating agencies approved by the central bank.
|9 Jul 2009||Viaduct wants Govt guarantee back|
Viaduct Capital, the finance company that was suspended from the government's deposit guarantee scheme, will reapply for the scheme and denies the Treasury's allegations of failing due diligence on certain loans.
|13 Jul 2009||Rates Round Up|
BNZ boosts 18-month deposit rates, cuts one-year terms;Fonterra slashes perpetual bond returns in response to record low OCR; RBNZ says competition pushes deposit rates up.
|13 Jul 2009||SCF related-party lending faces severe prune under draft rules|
South Canterbury Finance (SCF), the finance group whose investment-grade credit rating is being supported by its biggest shareholder, would face a severe pruning of related-party lending under the central bank's draft rules for non-bank deposit takers.
|13 Jul 2009||RBNZ releases tougher rules for non-bank sector|
The Reserve Bank's risk management guidelines for non-bank deposit takers (NBDT) will boost the requirements of boards to monitor their operations, after the central bank released the first of several documents to introduce prudential regulation in the sector.
|15 Jul 2009||Strategic Finance loss widens|
Strategic Finance, which has a moratorium on payments to investors, said its loss widened in the 12 months through June as property values fell, more borrowers defaulted and prior-ranking lenders took action to recover loans over properties subject to SFL mortgages.
|20 Jul 2009||Rates Round Up|
Clegg and Co directors face charges; BNZ says tax bill won't impact on any debt or equity obligations; Downer's Works Bond fully subscribed; St Laurence resets rates; Deutsche Bank starts buying back callable bonds.
|21 Jul 2009||Banks look to target ING's 14,000 frozen funds clients|
Three banks are rumoured to be interested in launching a high interest rate account specifically targeted at investors in ING's frozen funds, to rival that of ANZ.
|22 Jul 2009||First Step investment trusts wind-down stall as buyers dry up|
Investors waiting for another $233.5 million tied up in First Step investment trusts will probably have to wait a little longer as prospective buyers for the company's remaining assets dry up, putting "significant challenges in realising the remaining assets."
|22 Jul 2009||Kiwibank cash PIEs top a billion dollars|
Kiwibank's cash PIE funds have topped a billion dollars just four months after the launch of its financial planning division and amid stiff competition from the term deposit war.
|28 Jul 2009||Rates Round Up|
Momi auction extended; ASB and Bank Direct hike TD rates