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News Archive - November 2007

2 Nov 2007RB prepares to regulate non-bank sector
The Reserve Bank has restructured its Financial Stability Department in advance of taking on its expanded role which will include overseeing finance companies.
4 Nov 2007Propertyfinance Securities revival proposed
Propertyfinance Group (PFG) is planning a meeting of debentureholders to discuss a restructuring proposal that would allow its finance company to come out of receivership.
5 Nov 2007Investment rates continue to rise
Deposit Rate Changes: Investors are continuing to pour money into bank term deposits while the finance company sector weathers its current storm.
5 Nov 2007Geneva survives meeting vote
Geneva Finance has staved off receivership and had its Standard and Poor's credit rating increased two notches from D to CC Credit Watch developing.
7 Nov 2007Fidelity says interest payment maybe postponed
Fidelity has warned investors in its Capital Guaranteed Bond that the interest payment scheduled for January 15 may not be made.
7 Nov 2007Western Bay debenture holders get 82c in dollar
Investors in the defunct Western Bay Finance company have been paid a final capital payment from the receivers, giving them a total of 82c in the dollar on their debts.
12 Nov 2007South Canterbury on capital raising mission
South Canterbury Finance said it would attempt to raise $75 million of five year bonds with the possibility of raising another $25m in over subscriptions.
14 Nov 2007Allied Nationwide going with S&P
Allied Nationwide Finance says it has formally engaged Standard & Poors to undertake a credit rating on the company in early 2008.
14 Nov 2007Buyback facility set up for bonds
Macquarie's Generator Bonds haves had a credit rating upgrade and a buy-back facility has been launched for investors in its Commodity Bonds.
16 Nov 2007F&P Finance future being considered
Fisher & Paykel Appliances says it is reviewing the ownership of its finance business and is considering selling it.
16 Nov 2007Sec Comm looks to go after finance companies
Securities Commission officials have told MPs to expect substantial action against finance companies following the recent collapses.
19 Nov 2007Banks continue slugfest
The main point of action in the deposit market continues to be banks fighting it out over one year, interest at maturity (IAM) rates.
19 Nov 2007South Canterbury increases bond offer
South Canterbury Finance has opened and expanded its offer of five year, fixed rate secured bonds.
22 Nov 2007Related party loans hurt Clegg and Co debentureholders
Investors in failed finance company Clegg and Co are likely to between and 70 and 85 cents in the dollar back, but could have ended up with a better result if it wasn't the state of some related party loans to the firm's principal.
25 Nov 2007Nathans debentures offered some hope
Nathans Finance investors get glimmer of return, but it won't be until next year and it will be small.
26 Nov 2007Money At Work: South Canterbury Finance bonds
26 Nov 2007Bank rates matched by others
UPDATED: Deposit Rates Report: During the past week a number of organisations have matched, or bettered, the rate banks are offering for investments of 12 months duration.
28 Nov 2007PINs companies placed in voluntary liquidation
The international credit crunch is hitting close to home for New Zealand investors, with a company that issued investment bonds being placed on a trading halt after its Australian hedge fund manager ran into problems.
30 Nov 2007Equitable scores S&P rating
Standard & Poor's has given Equitable Mortgages a BB+ long-term and B short-term issuer credit ratings. The outlook on both companies is stable.

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