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NZX queries listed structured debt offers

Issuers of listed structured debt offers are being asked by the Stock Exchange how the international credit crunch is impacting on their financial positions.

Friday, September 7th 2007, 7:42AM
This latest enquiry from the NZX is similar to one done to listed finance companies where it asked whether they were complying with continuous disclosure requirements.

NZX has written to 10 structured debt issuers and given them until 9am today to reply.

"You will be aware of the recent international market volatility stemming from troubles in the sub-prime mortgage market in the United States," the letter from NZX head of market services Elaine Campbell said. "There has been speculation of a widespread credit crunch affecting the financial sector and potential for debt instrument default.

The events should give cause for reflection," NZX said.

"Given the current environment, NZX is writing to issuers of listed structured debt. This provides such issuers an opportunity to demonstrate transparency about the effects of the international economic situation on their securities."

The purpose of the letter was to give the issuers an opportunity to provide information to the market and demonstrate they were complying with their obligations to disclose material information to NZX immediately, NZX said.

While NZX did not have specific cause to be concerned that the issuers were meeting their obligations under the continuous disclosure rules, it sought to clarify that.

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