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Macquarie launches new bonds, St Laurence to keep buying Rural Equities, bank in trouble with Sec Com, new Term Deposit Bond, Phil's Blog discusses reaction to Stobo and adviser regulation...

Monday, November 22nd 2004, 3:03AM

Macquarie Equities has launched the New Zealand investment statement for Generator Income Notes, an Australian dollar investment.

It is the second in a series of high-income corporate debt products issued in Australia by Generator Investments Australia and the first to be offered in New Zealand.

Generator Income Notes were developed with two major differences from other similar CDO investments available in New Zealand or Australia.

Firstly, Generator Income Notes are expected to receive a AAA rating (from Standard & Poor’s) on the return of capital at maturity. This is the first time such a rating has been provided to an Australian-issued income investment.

Secondly, AXA Investment Managers, Paris S.A. (AXA IM) has been mandated to manage the underlying portfolios, meaning that should there be concerns about any of the companies in the portfolio.

Generator Income Notes are expected to appeal to New Zealand investors who have capital preservation as their primary objective, are seeking Australian dollar income, and who find traditional low risk investments, such as term deposits, are simply not paying enough interest.

Latest Deposit rate news
In the Deposit Rate section
there are three new stories.

  • One is interesting in that a bank has been rapped over the knuckles by the Securities Commission for offering a term investment without an investment statement.
  • The second is a new tax-paid Term Deposit Bond from Sentinel
  • The third is Nationwide Finance telling every about their year.

St Laurence wants more of the farm
St Laurence Equities says it intends to acquire a further 720,000 shares in Rural Equities Limited (REL) at $1.60 per share to take its shareholding up to 19.9%.

St Laurence will acquire shares on a first in first accepted basis. The price of $1.60 per share is the same price that St Laurence paid to acquire its current 15% shareholding a and represents a 7.8% premium over the 60 day weighted average price as of November 18.

A letter from St Laurence outlining the purchase will be posted to REL shareholders during the week commencing November 22.

Phil’s Blog
The two big issues I want to talk about today are reaction to the Stobo report and an example of difficulties facing the advisory industry with self-regulation. Read my Blog here.

« Stobo report makes funds more attractiveSovereign takes regulation bull by the horns »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

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