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In this issue: Marac results, North South sale approved, broker's new debt portfolios.

Thursday, March 2nd 2006, 4:03AM
Sharebrokers First New Zealand Capital have produced portfolios for both rated and unrated debt securities.

The idea is based on the model portfolios it constructs for shares, locally and internationally. However FNZC analyst Barry Lindsay says it’s not possible to create model portfolios with fixed interest in the same way it is done with shares.

He says fixed interest portfolios don’t have to be as diverse as equity ones and the securities which go into them are influenced by the availability of investments at the time and yields they trade at.

The FNZC fixed interest investment portfolio series are designed as a framework to help advisers and investors build portfolios.

Marac secures record half-year result

The Marac Finance group secured its record half year result on the back of a 9% growth in finance receivables, and a continuing low impaired asset expense, according to its parent company Pyne Gould Corporation.

"This performance was achieved across all business segments and reflects positive outcomes from recent strategic focus and investment," PGC managing director Brian Jolliffe says.

Credit quality has been good with Marac reporting a low impaired asset expense of $1.2millon in the half year and arrears levels remain at historical lows.

Commercial lending recorded finance receivable growth of 13%. This was achieved by improved account management in the regions, and the business also benefited from a greater diversity of commercial plant, financed through plant and equipment dealers.

The motor vehicle market has slowed through this period.

Since 2004 Marac has towards higher quality motor vehicle financing.

Marine and leisure continues to show good growth although there is now some sign of an easing in demand. Property has recorded good asset growth.

North South purchase approved
Dominion Finance shareholders, at a special meeting, have approved the acquisition of all the issued shares of North South Finance. The purchase price will be paid through the issuance of not more than 5,600,000 new ordinary fully paid shares with the balance of $30,000,000 in cash.

North South provides short-term finance, bridging loans, mezzanine loans on developments and general mortgage finance secured over property and assets based in New Zealand.

Dominion is looking to grow by acquisition as well as organic growth.

Shareholders also approved the issuance of up to 40,000,000 capital notes at an issue price of $1.00 each. The notes pay an interest rate of 9.40% and will be fixed terms expiring on 15 October 2010. Interest will be paid quarterly in arrears.

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