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deposit rates

News Archive - July 2010

1 Jul 2010No prior ranking creditors ahead of St Laurence investors
St Laurence investors do not need to worry about any prior ranking creditors eating into their meagre returns.
2 Jul 2010Marac merger with building societies could go ahead this year
Marac’s planned merger with Canterbury Building Society and Southern Cross Building Society could be completed this year.
4 Jul 2010Rates Round Up
Reserve Bank starts thinking about post-guarantee world; Irongate gets backing from Bluestone; Europe's sovereign debt scares investors away from fixed interest; Fitch affirms SBS Bank's credit rating on merger proposal.  
5 Jul 2010Receivers hope to get a further 5c for Lombard Finance investors
The receiver for failed financier Lombard Finance and Investments have secured enough cash to make a 2.5% payment to investors, and is hoping to double that.
6 Jul 2010Instant Finance triples profit on debenture exit, swipes at guarantee
Personal finance lender Instant Finance tripled its net profit last year as it wound down its retail deposits, and accused the government’s guarantee of distorting the market.
7 Jul 2010Dominion and North South directors accused of misleading investors
The Securities Commission has accused the directors of failed financier Dominion Finance and its sister company North South Finance of misleading investors, and has laid criminal charges and civil proceedings against them.
8 Jul 2010SCF claws back $50m, appoints managers
South Canterbury Finance clawed back more than $50 million in outstanding debts over the June quarter as it approaches a $500 million "wall of maturities" of debentures coming due in October.
9 Jul 2010NZDMO looks for trans-Tasman harmony in inflation-indexed bonds
The New Zealand Debt Management Office wants a September 2025 maturity date when it resumes the sale of inflation-indexed bonds to bring the securities into line with Australia.
12 Jul 2010Rates Round Up
Kiwibank margins put under pressure; PGG Wrightson Finance looks to push out listed-bond maturity: Fidelity to pay coupon; SBS flags bonus payments to charities.
13 Jul 2010Statutory manager freezes another Hubbard investment vehicle
The government-appointed statutory manager over Timaru millionaire Allan Hubbard and part of his empire has frozen the assets of another investment vehicle, saying it has “added another complexity” to the investigation.
14 Jul 2010Bublitz lashes out over Mutual Finance receivership
Controversial financier Paul Bublitz has lashed out at the decision of Covenant Trust to send Mutual Finance to the receivers, with some $1.3 million not covered by the government's guarantee.
15 Jul 2010Asset Finance turns profitable ahead of govt guarantee expiry
Whakatane-based lender Asset Finance turned profitable in the year through March as it prepares for life after the government's deposit guarantee in just over two months.
15 Jul 2010PSIS knocking on door of investment-grade credit rating
PSIS is knocking on the door of an investment grade credit rating after Standard & Poor’s revised its outlook to ‘positive’.
18 Jul 2010Rates Round Up
CBS looks to set up $100 mln securitisation programme; Fonterra capital notes interest rate resets; Irongate pays out bondholders after Bluestone injection; PropertyFinance Group to delist.
19 Jul 2010Government pays out $79 mill to guaranteed deposits
The government has paid out $79.1 million to investors in three of the six failed finance companies covered by the deposit guarantee.
26 Jul 2010Hawkins' Budget Loans pleads guilty to misleading investors
Allan Hawkins’ Budget Loans, a subsidiary of Cynotech Holdings that took on the National Finance 2000 loan book, has pleaded guilty for misleading investors.
27 Jul 2010Strategic Finance liquidation not a fishing expedition, trustee says
Some transactions by Strategic Finance raised question marks for the receiver, and the firm’s liquidation is not a fishing expedition, according to the trustee.
28 Jul 2010Dorchester debenture holders get a warning
Debenture-holders in Dorchester Finance should be wary of an offer by Stock & Share Trading Company Pty Limited to buy their debentures for 5c in the dollar.
28 Jul 2010Wrightson Finance fails to get quorum to extend bonds
PGG Wrightson Finance failed to get a quorum at a special meeting of bondholders to vote on extending the term of its October 2010 bonds for 12 months.

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