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New PINs, Macquarie gives away money, Two billion reasons for listed debt, C+M takes 100%, Mascot joins Unlisted.

Wednesday, October 18th 2006, 7:43AM
Absolute Capital’s second packaged income notes (PINs) offer has opened. The capital protected notes, which invest in international credit markets, are expected to be listed on the NZDX.

The key differences between this offer and last year’s one are that the capital protection is provided by Barclays, not not ABN Amro.

It will invest in more underlying funds (28-30 compared to the previous offer which has 20 underlying funds.)

The headline target return is 9.25% paid quarterly. However it has this feature that if the fund does really well the profits will be shared between Absolute and the investors.

Under this arrangement there could be an additional payment at the end that could bring the annual return up to 10.97% annually.

Macquarie gives away money
Macquarie New Zealand has presented a cheque for $210,000 to World Vision’s VisionFund Cambodia which will go towards helping entrepreneurial poor people in Camboida get a start in business.

The money was made available through an arrangement with the Macquarie Generator Bond Fund.

“When we launched Generator Bonds we made it very clear that a significant amount of the returns would be donated to charity,” Macquarie New Zealand head John Rowley says.

Two billion reasons for listed debt
Investors’ thirst for listed debt securities is illustrated by the amount of capital capital raised on the NZDX so far this year.

Following the listing of GPG’s new notes, $2.2 billion has been raised - an $880 million increase on the same period last year.

GPG joins companies such as ANZ National Bank and Hellaby Holdings using the NZDX Market to fund their growth this year.

C+M takes all of Numeria
Numeria Finance chief executive Kelly Wright has sold his 34% share in the Numeria Group.

Numeria is now 100% owned by the same people who own Capital+Merchant Finance Limited, a large commercial property financing business. Wright resigned from the boards of Numeria Finance and Numeria Leasing.

"At an operational level however, nothing has changed within the company," Wright says.

Mascot joins Unlisted
Mascot Finance has listed its redeemable preference shares on the Unlisted market. Unlisted is an alternative share trading exchange to the NZX.

Mascot is a South Island-based finance company that has been operating for 34 years.

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