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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.

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 ▼7.74 ▼7.35 ▼6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 ▼7.09 ▲6.95
SBS Bank Special - 7.14 ▼6.49 ▲6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.84 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.24 6.75 6.39
Median 8.64 7.19 7.17 6.65

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