PropertyfinanceSecurities issues more rated bonds, Generator says it is not exposed to US sub-prime market.
Monday, July 9th 2007, 4:33AM
Property Finance Group has made a new issue and expanded its Rated Mortgage Bond programme.
New bonds, totally $25.7 million, have been issued through its NZDX listed bond programme that the company established earlier this year.
Property Finance chief financial officer Shane Clark said the new issue was made up of $13.85m of bonds backed by commercial mortgages and $11.85m of residential mortgages.
The total bonds on issue for both series is now $38.45m. He says the issue is a further step in PFS's aim to develop a range of rated and tradable mortgage backed securities for retail investors".
Rated Mortgage Bonds carry an investment grade 'BBB' rating from Fitch Ratings.
