About Us  |   Advertise  |   Contact Us  |   Terms & Conditions  |   RSS Feeds
deposit rates

MFS reassures investors

The ASX-listed MFS has moved to reassure investors in debentures offered by its direct New Zealand subsidiaries and MFS New Zealand that it would continue to fund any shortfall in redemptions.

Tuesday, 8 January 2008

by David Chaplin

In an announcement to the ASX late last year, MFS said redemptions due for any of its associated New Zealand debenture products would firstly be funded out of loan repayments and investment cashflows.

"MFS Limited, if necessary, would contribute any necessary cashflow to enable such redemptions to be met if such cashflows and loan repayments were not sufficient to meet such debentures," the MFS statement said.

The group said in December 2007 A$56 million of debentures in New Zealand associated with MFS fell due but the actual amount redeemed was only A$16 million, or 28% of the total. MFS said the maximum redemptions due in January, February and March 2008 were A$27 million, A$32 million, and A$22 million respectively.

"The actual redemption amount cannot exceed the gross redemption amount and is likely to be significantly less based on, for example, previous redemption rates," the statement said. "MFS Limited continues to see great opportunity to solidify its market leading position in the New Zealand debenture finance market."

Commenting is closed


Printable version


Email to a friend
Newsletter Signup

Weekly Updates including news and commentary

Today's Best Bank Rates
Rabobank 0.75
Based on a $50,000 deposit    More Rates »
Today's Top 5 Deposit Rates
NZCU Auckland 1.00 Success Saver
First Credit Union 0.75 Online Savings
Rabobank 0.75 Rabobank PremiumSaver - max rate
Heretaunga Building Society 0.60 On Call
NZCU Baywide 0.60 Success Saver
Based on a $50,000 deposit    More Rates »
Find a Rate
Show me the rates for
invested over
Use the full calculator
Cash PIE Rates
Institution Rate 30% 33%
ANZ 0.10 0.10 0.11
ASB Bank 0.15 0.16 0.17
ASB Bank 0.15 0.16 0.17
ASB Bank 0.15 0.16 0.17
ASB Bank 0.15 0.16 0.17
ASB Bank 0.15 0.16 0.17
BNZ 0.10 0.10 0.10
Heartland Bank 0.40 0.40 0.40
Kiwibank 0.05 - -
Kiwibank 0.25 - -
Nelson Building Society - - -
SBS Bank - - -
TSB Bank 0.25 0.25 0.26
Westpac 0.20 0.21 0.23
Westpac 0.05 0.05 0.05
Westpac 0.25 0.26 0.27

More »

Previous News
Latest Trends
Coming Soon

Disclaimer - Every possible effort has been made to keep the information in the tables and on this site as accurate as possible, however, neither the publisher, Tarawera Publishing, nor anyone engaged to compile the rates and this site accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details with providers. The full terms and conditions of this site can be found here.

© Copyright 1997-2021. Tarawera Publishing Ltd. All Rights Reserved.