News Round Up
Wellington Airport to sell $100m of bonds; BNP custody finds fans as uncertainty rules; Dominion administrators call moratorium meeting; Genesis’ proposed $150m retail bonds issue rating assigned
Monday, December 1st 2008, 5:00AM
Wellington Airport to sell $100m of bondsWellington International Airport plans to raise as much as $100 million selling bonds maturing in 2013 to fund general business expenses and pay debt.
The offer will be for $50 million of the bonds with oversubscriptions of an additional $50 million.
ANZ National Bank and First NZ Securities have been appointed managers of the offer.
BNP custody finds fans as uncertainty rules
Market turbulence is increasing the demand for master custody services from New Zealand super funds, charities and community trusts, according to BNP Paribas Security Services (BNP).
Earlier this month BNP signed up the $500 million Canterbury Community Trust (CCT) to its master custody service with a number of similar deals in the pipeline.
The master custody service enables the trust to provide consolidated reporting across its entire asset base. Previously Trustee Executors provided CCT custody services for directly held assets only but was not able to handle its unit trusts and other pooled vehicles.
“Investors need assurance that their assets are secure and that their transactions and reports are accurate,” BNP NZ chief Hugh Stevens says.
Dominion administrators call moratorium meeting
The voluntary administrators of Dominion Finance Holdings say its North South Finance unit will seek stockholder approval for a moratorium this week.
To eke out more time for the arrangements, the administrators gained a High Court order extending the time for the watershed meeting of DFH creditors, which is now likely to be convened in the New Year.
Genesis’ proposed $150m retail bonds issue rating assigned
Standard & Poor’s has assigned its BBB+ long-term rating to Genesis Power’s proposed unsecured unsubordinated fixed-rate $150 million retail bonds issue.
The issue has an option to accept oversubscriptions of $75 million and proceeds from the issue will be used for general corporate purposes.
The bonds are not part of the government’s deposit guarantee scheme.
Genesis Energy is rated BBB+/Stable.
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