News Round Up

Tuesday, October 29th 2002, 7:13AM

First up a big thanks to all those people who completed our readership survey. We have had a great response to the annual survey and will use your feedback to provide a better service for you.

The winner of the case of wine will be announced in next Monday's News Round Up.

The NZ Mortgage Mag
If you have any interest in the mortgage business then our new magazine is just for you. The publisher of Good Returns publisher is about to launch the first magazine in New Zealand dedicated to the mortgage industry. The New Zealand Mortgage Mag will provide in-depth news, commentary and analysis on what is happening in the mortgage market, here and overseas. It will also profile key players in the industry and provide in-depth features.

The magazine, which will be available in early November is officially endorsed by the New Zealand Mortgage Brokers Association.

To get your free copy send an email to mortgagemag@tarawera.co.nz with your name, postal address and phone number.

Westpac issues bonds
Westpac has placed $100 million of 3 year retail bonds maturing on 24 October 2005. The issue was fully subscribed.

The retail bonds, rated AA-/Aa3 by S&P and Moody's Rating Agencies respectively, have a fixed rate semi-annual coupon of 6.25%.

Westpac's Head of Treasury, Mark Railston said: "This issue presented us with the opportunity to strategically match the bank's funding needs against investors' demand for a retail bond with a strong credit rating, that can be traded in the secondary market".

NBNZ faces upgrade
Credit rating agency Moody's has placed the Aa2 foreign currency long-term debt and deposit ratings of National Bank of New Zealand on review for possible upgrade. The New Zealand dollar denominated deposit rating of Aa1, New Zealand dollar subordinated debt rating of Aa2, financial strength rating of C+ and short-term rating of Prime-1 were not affected.

The move follows the upgrade of New Zealand's sovereign debt and deposit ceilings to Aaa on 21 October 2002.

The review will focus on the degree of credit enhancement NBNZ receives from its parent, the Lloyds TSB Group which is rated Aa1 and based in the UK.

AWARDS
Look out for the FundSource Fund Manager of the Year Awards which will be announced on Friday morning. To find out which managers are in the running and how the winners are decided visit the Fund Manager of the Year Awards page here.

Also, coming up on November 13 is the Financial Planner of the Year Awards Dinner. This dinner is being held at the Sheraton in Auckland. For more details either email awards@goodreturns.co.nz or call 0800-345675.

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