Deposit rate news briefs
Investors soak up listed debt, St Laurence rated, Rate resets, Generator Bonds confirms S&P ratings action, Broadlands narrows.
Tuesday, 16 October 2007
The NZDX Market has more than doubling in the last five years to almost $10 billion.
"Investors are now demanding high quality products. They are getting smarter about unlisted debt products and are looking for tradable products with investment grade credit and the comfort of continuous disclosure," NZX Products Group Manager Geoff Brown says.
Origin has set the gross dividend rate for the period 9 October 2007 to 14 October 2008 at 10.23%, reflecting the benchmark rate plus a margin of 1.50%.
St Laurence rated
Axis Ratings says the B2 rating reflects that St Laurence Limited is of "good quality" and "generally moderate risk".
St Laurence managing director Kevin Podmore says the rating demonstrates the benefits of St Laurence's diversified finance and funds management operations and its sound lending and financial position and performance. The rating also highlights St Laurence's strong approach to liquidity management including ensuring that its average deposit maturities are longer than its average loan maturities.
He says St Laurence is different to other finance companies as it has both funds management and finance operations, thus wide sources of revenue.
St Laurence Property & Finance says it has reset the rate on its Series 2 Bonds (STLFA) at 10.99% from October 15.
The interest rate payable on the Series 2 Bonds is reset quarterly at a margin of 2.25% over the three month bank bill bid rate.
Generator Bonds confirms S&P ratings action
General manager Rudi Kats says the company will also reassess its lending activities because of the current environment. He says a management team will review lending activities and opportunities on a month by month basis.
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