September 23, 2009

Marac admits errors, and says not again

Hi

Welcome to the latest depositrates.co.nz newsletter. In this edition we have details, hot-off-the-press, around Pyne Gould’s capital raising and what it means for Marac.

Also Fidelity replaced changed one of its two fixed interest managers, replacing a well-known name with one not often associated with funds management.

Another story which caught our attention was ASB telling people now is a good time to sell corporate bonds. If you are interested in KiwiSaver and who is winning the battle for members and funds under management then check out our comprehensive league table here.

News

Marac admits errors, and says not again
Marac's parent company, Pyne Gould Corporation (PGC) has announced that it plans to raise $237million through a fully underwritten pro-rata renounceable Rights Offer. More



Fidelity dumps ING as fixed interest manager
Fidelity has replaced ING as one of its fixed interest managers and instead given the $34 million mandate to Grosvenor Financial Services. More



Time to sell good quality corporate bonds
Investors looking to exit their good quality corporate bond issues should consider doing so now, as prices are good. More


SCF placed on CreditWatch negative
South Canterbury Finance (SCF) has been placed on CreditWatch negative by Standard & Poor's (S&P). More


RBNZ will decide results of TD war
Central bank liquidity requirements will probably have the last say in the deposit rate war as the cost of wholesale funds begins to ease, according to the chief executive of New Zealand's largest bank. More