Deposit rates news briefs
Fidelity bond will make first payment, Fonterra resets note rate, The Hawk collects on National Finance 2000
Monday, July 16th 2007, 8:49AM
Investors in the recently listed Fidelity Capital Guaranteed Bond received some good news last week – they will be getting their first interest payment.Earlier the company said it may not make the first payment. However now it says, "recent performance has seen the fund tracking well and that the subordinated debt holder (Fidelity Life), capital guarantee provider (Westpac) and trustee (Guardian Trust) have therefore agreed not to suspend the payment of interest."
" The first coupon interest will be paid on its due date." Also early bird interest will also be paid on 16 July to the original subscribers.
Fonterra has reset, and increased, the interest rate on the $35 million worth of perpetual capital notes it has on issue.
Under the terms of the issue the rate is periodically reset, with the new rate based on prevailing market pricing. The rate has increased from 8.62% to 9.37%.
The new rate is the current base rate plus a margin based on the capital notes' credit rating. The new rate is valid until the next reset date of July 10, 2008, unless there is a change in the credit rating of the capital notes in the interim.
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