Standard & Poor's has changed some of the ratings of the HI-FI synthetic CDOs.
These changes have been made to "reflect the revised credit support now available and currently required to achieve a given rating."
The rating actions follow the receipt of final valuations on bonds issued by bankrupt dairy company Parmalat.
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From: |
To: |
|
|
HY-FI Securities Ltd. Series 1 |
A+/Watch Dev |
AA- |
|
HY-FI Securities Ltd. Series 2 |
BBB-/Watch Dev |
BB- |
|
HY-FI Securities Ltd. Series 3 |
A+/Watch Dev |
A+ |
|
HY-FI Securities Ltd. Series 4 |
BBB-/Watch Dev |
BB |
Final valuations have yet to be determined for the remainder of Australian synthetic transactions affected by the default of Parmalat.
The upside acceleration is at the upper end of the range at 150% over a three and a half years, meaning investors will receive 1.5 times the growth in the basket of base metals and oil, with full protection at maturity.
The commodities basket is made up of: 25% brent oil; 15% each of aluminium, copper, zinc, nickel and lead.
Liontamer says it was “an incredibly successful issue and proof that the advisory market can lead the way in terms of supporting innovation.”
Meanwhile Liontamer has extended the closing date of its EASYgrow 100 to April 30. It is a five and a half year capital protected fund linked to the performance of the MSCI.
LIC update 1
The Kingfish Fund successfully listed on the NZX last week the shares trading around the 92c mark and the warrants changing hands at 16c each. These prices represent an 8c premium on the IPO price.
The company raised more than $58 million and has 5100 shareholders.
Meanwhile the Peters MacGregor Investments Limited LIC offer has been extended one week to 2 April.
This is to allow additional time for slower than expected processing from New Zealand and provides a final (short) opportunity for New Zealand investors who missed the earlier deadline.
To keep track of the share price of Kingfish and other stocks visit www.sharechat.co.nz. (NZX codes: KFL and KFLWA)
LIC update 2
Milford Asset Management is reportedly planning to float a listed investment company around June of this year.
Milford is an asset management business which is headed by Neville Todd, and has Brian Gaynor and Graeme Thomas as directors. Also Salvus Asset Management is still planning to float a LIC too.
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