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News Archive - June 2010

1 Jun 2010Allied Nationwide taps parent for another $5 million
Allied Nationwide Finance, the subsidiary of Allied Farmers which bought the Hanover loan books in a debt-for-equity swap last year, will tap its parent for more support to cover any losses on existing and future impaired loans.
2 Jun 2010South Canterbury Finance deposit maturity roll-overs accelerating
South Canterbury Finance has rolled over a block of debentures coming due in the coming months, helping ease its looming liquidity crisis, making a significant improvement in the ailing finance company's reinvestment rate and maturity profile.
2 Jun 2010F&P Finance roll over rates rise as big debenture maturity looms
[UPDATED] Fisher & Paykel Finance is enjoying strong reinvestment rates on its book which is seen as positive as more than two-thirds of its debentures are due to mature in the next six months.
4 Jun 2010Liquidity pressures and regulation will cause more fin coy failures
Looming liquidity pressures stemming from the end of the government's retail deposit guarantee and the imposition of tougher regulations later this year will cause more finance companies to collapse this year, according to Standard & Poor's.
7 Jun 2010News Round Up
9 Jun 2010BNZ to launch country’s first covered bond programme
Bank of New Zealand is looking to raise as much as $3 billion of new funds through a covered bond programme, a first for the country.
9 Jun 2010South Canterbury Finance gets new chairman
South Canterbury Finance have appointed a new chairman to take over after owner and founder Allan Hubbard became President For Life.
10 Jun 2010Plenty left over for Allied Farmers if Five Mile sale goes through
There will be plenty of cash left over for Allied Farmers if the conditional sale of Five Mile’s second stage in Queenstown goes through.
14 Jun 2010Rates Round Up
OCR hike unlikely to filter into higher deposit rates; Dorchester Pacific to accept oversubscription in capital raising; Geneva Finance to make September repayments this month  
15 Jun 2010Securities Commission calls Dorchester recapitalisation plan biased
The Securities Commission has panned parts of Dorchester Pacific's recapitalisation plan, saying the comparison between the offer and receivership has "significant bias."
16 Jun 2010Higher deposit rates here to stay, PSIS says
Higher deposit rates are going to become part of the landscape as banks continue to compete for retail investors' cash to meet central bank obligations, according to financial services cooperative PSIS.
16 Jun 2010More than 90% of SCF debentures will covered by extended guarantee
More than 90% of debenture holders will come in below the $250,000 cap set by the government's extended retail deposit guarantee scheme.
16 Jun 2010South Canterbury has no plans to be a bank
South Canterbury Finance plans to trim its reliance on debentures and has no aspirations to be a bank.
17 Jun 2010Dorchester says Securities Commission being unhelpful
Dorchester Finance says the Securities Commission’s tardy response to the offer documents for its restructuring are unhelpful.
20 Jun 2010Rates Round Up
Cash PIEs get classified as category 2 products; Hawkins' Cynotech falls into the red; Blue Star capital bonds still not paying interest; Craigs Investment Partners fee shrinks 14% on call deposit fund.  
21 Jun 2010Hubbard flags offshore investor for South Canterbury Finance
Allan Hubbard, the embattled owner of South Canterbury Finance, has flagged an offshore investor as a likely partner to inject capital into the finance company.
22 Jun 2010South Canterbury gets big ratings cut
Standard and Poor's has cut South Canterbury Finance's credit rating by two notches after the government put the embattled finance company’s owner Allan Hubbard and some of his interests into statutory management.
23 Jun 2010Bridgecorp’s Petricivic and Roest face new fraud charges
Failed finance company Bridgecorp’s directors Rod Petricivic and Rob Roest pleaded not guilty to eight new fraud charges under the Crimes Act and two under the Companies Act, according to reports.
23 Jun 2010Dorchester investors being offered liquidity
Dorchester Finance will give debenture holders securities that trade on both the NZX and Unlisted bourses if its plan to exit its moratorium is agreed to by investors.
24 Jun 2010Broker warns regulators had better be right over Hubbard
Heads should roll at the Securities Commission if the severity of its action relating to South Canterbury Finance founder Allan Hubbard proves to be unwarranted, says John Kidd, the head of research at broking firm McDouall Stuart.
24 Jun 2010SCF news bad, but rates good
Allan Hubbard’s fall from grace masks the fact South Canterbury Finance is offering the fattest government-guaranteed returns anywhere in New Zealand.
27 Jun 2010Rates Round Up
New regulations for Non-Bank deposit takers; Brent King won't be back in new-look Dorchester: Baker; Genevea loses board member.  
28 Jun 2010Banks battle it out for nine month deposit rates
BNZ and Westpac battled it out in the nine-month space last week as the competition for retail deposits carries on with no end in sight.
29 Jun 2010NZF securitisation programme good news for NBDTs
The successful NZF securitisation programme has been welcomed by non-bank deposit takers, with new funding avenues good news for firms struggling to attract cash amid intense competition for deposits.
30 Jun 2010Solid response sees South Canterbury extend deposit rate special
South Canterbury Finance has extended its 8.25% offer for existing debenture holders to reinvest their cash for 12-, 15- or 16-month terms after investors rallied around the troubled finance company.
30 Jun 2010Allied accuses Hanover of breaching agreement
Allied Farmers, which took on the Hanover and United loan books in a debt-for-equity swap last year, has accused Hanover Finance of breaching their agreement and will take legal action against the failed finance vehicle of Mark Hotchin and Eric Watson.
30 Jun 2010Goldman Sachs JBWere loses its RBNZ exemption
Goldman Sachs JBWere Capital Markets has been issued an A2 credit rating with a negative outlook, ending its exemption from the Reserve Bank’s regulation for non-bank deposit takers.
30 Jun 2010Dorchester ‘humbled’ by debenture holders’ support for plan
Dorchester Pacific head Paul Byrnes was "humbled" by the support debenture holders gave to the firm's plan to escape moratorium, given the problems in the Allied Farmers-Hanover deal.

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