Rates Round Up
St Laurence Property & Finance changes name, distances itself from shareholder; OPI Pacific Finance facing Securities Commission probe; Guardian Trust makes fourth repayment; Canterbury University raises $50 million; NZF, Equitable and F&P Finance go toe-to-toe in 6-month to 3-year space.
Sunday, December 6th 2009, 10:01PM
St Laurence Property & Finance changes name, distances itself from shareholder
St Laurence Property & Finance, the property investment company 34% by ailing finance company St Laurence, has changed its name to Irongate Property as it seeks to distance itself from its majority shareholder.
The company posted a net loss of $28.2 million for the six months ended September 30, compared to a $34.8 million loss a year earlier, due to a 22% slump in its property portfolio.
General manager Chris Minty said the new brand is to "signal the company's new direction and strategy" and identify it as a separate entity from St Laurence, which acts as the company's manager.
OPI Pacific Finance facing Securities Commission probe
OPI Pacific Finance, the New Zealand subsidiary of Australian-based Octaviar which was placed into liquidation by the Queensland Supreme Court, is being investigated by the Securities Commission after it collapsed owing some 10,000 investors about $255 million.
Receivers PricewaterhouseCoopers expect to find a significant shortfall in recoveries from the loan book, with 19 of the 35 secured loans in some form of insolvency.
Guardian Trust makes fourth repayment
Guardian Trust has told investors in its Guardian Mortgage Fund and Guardian CashPlus Mortgage Units Fund they will be receiving another capital repayment today.
The repayment is the fourth since Guardian Mortgage Fund investors voted to wind up the fund in February this year and brings the total amount repaid to investors to date to 45%.
The company expects to make further partial capital repayments on a quarterly basis.
Canterbury University raises $50 million
The University of Canterbury raised $50 million through a reset bond issue to hasten its refurbishment and expansion plans.
The bonds mature in 10 years and pay a yield of 7.25% for the first five years of their life, after which they will reset at 1.75 percentage points over the five-year swap rate.
The securities carry a philanthropic aspect, in that an investor can donate all or part of the sum owed on maturity while receiving interest on the principal invested.
NZF, Equitable and F&P Finance go toe-to-toe in 6-month to 3-year space
NZF, Equitable and F&P Finance led the way in boosting deposit rates this week as they went toe-to-toe through the six-month to three-year range.
NZF increased its rates 40 points for six-month terms and 15 points for nine-month deposits, while it lifted its two-year rates 15 points and its three-year rates 25 points. It increased 18-month rates 75 points for deposits of less than $10,000 and 50 points for deposits of more than $10,000.
Equitable raised rates on its debentures by 100 points for six-month terms,25 points for 12 months, 50 points for 18-month terms and 25 points for three-year deposits, and boosted its bonds 70 points for six-month rates, 20 points for 12 months, 35 points for 18 months and 20 points for three-year terms.
F&P raised its six- and nine-month terms by 75 points, its 12-month terms by 100 points, its 18-month and two-year terms by 75 points and its three-year terms by 50 points.
HBS Building Society cut its two- and three-month rates by 50 points, while introducing specials in its five-month, nine-month and 18-month terms 4.25%, 4.75% and 5% respectively.
Credit Union North raised its nine-month terms by 10 points and its two-year terms by 25 points, while Nelson Building Society raised its two-month term by 75 points.
Southern Cross boosted rates between six and18 months by 20 points.
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