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New series of Kauri Notes

Savings & Loans has launched the second series of its Kauri Units, this new series is open for a year and is PIE compliant.

Thursday, December 20th 2007, 7:05AM
The Kauri Income Units and Kauri Growth Units are invested in Permal Multi-manager funds that generate high returns with 100% capital protection.

The new units are PIE compliant. "The immediate success of Kauri Notes suggested there is a strong latent demand in New Zealand for a product that provides a unique combination of high security, high performance and liquidity," Savings & Loans director Don Cowie says.

The Kauri Notes already on issue are currently achieving around a 20% annualised return, he says, even though the financial markets have been volatile.

The Kauri Growth Units are targeted to achieve an annual return of 5% above the bank bill rate.

"While we are understandably delighted at the initial performance of Kauri Notes, it is early days and we well understand this rate of returns may not continue, but it is important to note that Kauri Income Units are primarily designed to deliver regular returns above market rate, whatever the phase of the market cycle," Cowie says.

The Kauri Income Units are intended to provide investors with a quarterly coupon at a market return of 9.50%.

Kauri Income Units also feature a guarantee of interest on the first eight coupons.

The Kauri Units offer opened on December 17 and funds will be invested in Permal Funds each two months, with the sixth and final subscription being made in October 2008.

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 ▼2.89 3.25 3.39
ANZ Special - ▼2.29 2.69 2.79
ASB Bank 4.45 ▼2.29 2.59 2.65
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▼2.29 ▼2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼2.89 ▼3.19 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.45 2.65
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 ▼3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 ▼2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
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SBS Bank Special - 2.49 2.59 2.65
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The Co-operative Bank - First Home Special - - - -
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TSB Bank 5.34 ▼3.09 3.29 3.59
TSB Special 4.54 ▼2.29 2.49 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
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Westpac Special - 2.29 2.69 2.79
Median 4.54 2.89 2.99 2.97

Last updated: 22 January 2021 9:08am

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