About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Sunday, January 19th, 11:09AM
rss
Latest Headlines

News Round Up

Award finalists revealed; Moody’s affirms Macquarie rating, changes outlook; Auckland airport offers fixed rate bonds; Magellan hits the road; Strategic sale scrapped

Monday, October 20th 2008, 5:00AM
Only two managers are in the running for this year's FundSource Fund Manager of the Year Awards. Those competing for the honour are ING and AXA. Besides the overall award the research house judges managers in each investment sector. ING appears to have the inside running for the top award having been nominated in seven sectors, while AXA has been nominated in just one sector - International fixed interest.

There are no nominations in two sectors; NZ Property and NZ Equity (Australasian), and just one nomination in International Fixed Interest and NZ Equity. The winners will be announced October 24. Moody’s affirms Macquarie rating, changes outlook


Moody’s has affirmed the long-term ratings of Macquarie Group and its subsidiaries, including Macquarie Bank but assigned a negative outlook to the ratings.

The Prime-1 short-term ratings of the group were affirmed and retain a stable outlook.

The negative outlook on the long-term ratings is in response to the potential for the credit crisis to affect Macquarie’s earnings in calendar 2009 and possibly beyond. The outlook also reflects the challenges to wholesale banking business models created by the current environment.

Moody’s did comment that Macquarie’s liquidity characteristics were excellent, especially after support from the Australian Government to guarantee its deposits, should the bank choose to apply.

Auckland airport offers fixed rate bonds
Auckland International Airport (AIA) is looking to raise up to $130 million through an unsecured, unsubordinated bond issue.

The bonds have a starting interest rate of 8% and are due to mature November 15, 2016.

The offer is being organised by First NZ Capital and opened October 15. Offers close November 3 this year.

Magellan hits the road
Magellan Asset Management is touring the country in November, addressing the questions: What’s really going on in global financial markets, how can you survive and how can you explain it to your clients?

Hamish Douglass, co-founder and chairman of Magellan Financial Group and portfolio manager of the Magellan Global Fund, will review how and why the US sub-prime meltdown became a financial global market crisis; whether central bank intervention is enough to turn the tide; who is likely to be left standing; and which sectors of the global equity market are likely to prosper in the new market conditions.

For dates and venues, click here.

Strategic sale scrapped
The sale of Strategic Finance has been scrapped because deteriorating credit markets meant conditions of the transaction couldn't be met.

The unprofitable finance company will remain in the hands of Australian parent after a group comprising managers and directors of Strategic and a unit of BOS International failed to close the deal.

The bidding group, Clarence Investments, was to have paid Allco NZ$25 million cash, transfer eight million Allco shares and inject $15 million into Strategic by way of subordinated debt securities and buy loans for $50.2 million as part of the acquisition.

BOS International would increase its debt facilities to the company to $150 million from $100 million.

« Weekly Wrap: Playing with riskSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Partners Life criticises Vitality
    “bay broker good points but I get the point about premiums increasing when sick. I have Vitality personally and I have qualified...”
    3 days ago by taka dan
  • Don't hold your breath for life insurance reform
    “That's a good observation from @JPHale there. "2% of sales" has even less meaning when you don't know if it's 2% of premiums...”
    3 days ago by Denis
  • Partners Life criticises Vitality
    “I've added Vitaltiy to a number of clients' new covers. I have also sold AIA cover without it. As with all advice it is...”
    3 days ago by BayBroker
  • Don't hold your breath for life insurance reform
    “Having read both the article and the comments I can only agree with what has been said in the comments. Further, I am...”
    3 days ago by BayBroker
  • David Whyte's 5 predictions for 2020
    “@ number 2: LOL - don't hold your breath. And besides, even if they did do it, if someone needs it they should probably already...”
    4 days ago by All hat no cattle
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 4.05 4.49
ANZ Special - 3.55 3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 3.55 3.89
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 3.97 4.05 4.39
Kiwibank 5.20 4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.45 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 3.45 3.89
Sovereign 5.30 3.89 4.05 4.39
Sovereign Special - 3.39 3.55 3.89
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.19 4.35 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.39 3.55 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.55 3.99
Median 5.34 3.99 4.07 4.39

Last updated: 8 January 2020 3:37pm

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com