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Dominion capital notes lowly rated, F&P Finance not on the market, Dual currency about to switch off.

Thursday, March 30th 2006, 5:49AM
Grosvenor's Bond Watch rating service has just released its view on the Dominion Finance Capital Note issue.

It has given the notes a G7 level rating which is the second lowest possible.

The official definition of G7 is: "Recommended for sophisticated investors only. The Investment Statement and Prospectus are unlikely to contain sufficient information on which to evaluate credit risk."

Kapiti sharebroker Chris Lee, who also publicly expresses views on finance company issues, has been saying that the rate paid by the notes is too low for the risk.

F&P Finance not for the wringer

With the growing wave of consolidation in the finance company sector there is much speculation over who could be buyers and sellers.

Fisher & Paykel Finance has made it clear it would be a buyer not a seller, according to a report in the BusinessDay.

could play a role in finance company consolidation but not While Fisher and Paykel managing director John Bongard is on record as saying that F & P Finance was not strategically important to the parent company's whiteware business long-term it wasn't for sale.

Dual currency about to switch off
St Laurence Mortgages Dual Currency debenture stock offer is due to close on March 31.

The return on this investment is largely determined by what happens to the New Zealand dollar versus the US dollar.

With the Kiwi falling the potential returns have grown. For example investors who were allotted when the Spot Rate peaked at 0.718 in early December 2005, a re-conversion at the current Forward Rate of 0.623 would mean a gross return on investment of about 12.1% for just under three years. [MORE DETAILS]

« Allied Farmers after PrimeMarac first non-bank finance coy to get S&P rating »

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