Coronet, which manages the Coronet Equity Trust is currently owned by the Challenger group.
However, Challenger is pulling out of New Zealand to focus on its Australian business.
Once the deal is done Equitable will be actively re-promoting the Coronet products.
CDO offers popular
Investors have poured $274 million into two series of high yield fixed interest offerings promoted by ABN Amro Craigs and Macquarie.
Macquarie says its Generator Bonds issue has closed over subscribed at $129 million in applications, while ABN Amro’s HY-FI series raised $145 million.
Both offers were oversubscribed and both are now traded on the New Zealand Stock Exchange.
ABN Amro says $75 million went into its AA- rated Series One and $95 million went to the BBB Series 2.
"We are delighted with the response to the initial series of HY-FIS,” ABN Amro Craigs chairman Neil Craig says. “Clearly, there is strong market demand for securities that offer the potential of high yield without sacrificing portfolio security.
Series 1 HY-FIS are trading on the NZX under the code HYF010 and Series 2 at HYFO20.
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