tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, March 29th, 10:40AM

Investments

rss
Latest Headlines

Rabo's new PIE

Rabo Capital Securities has unveiled the details of its new PIE preference share offer which is due to open next week.

Tuesday, April 21st 2009, 4:51AM

Rabo Capital Securities is looking to raise at least $200 million through the issue of PIE Capital Securities, and has reserved the right to accept unlimited oversubscriptions.

The offer, which opens next week, will be available to both retail and institutional investors.

The securities will have a minimum dividend of 8%, equivalent to 9.03% on a non-PIE investment for a retail investor on a 38% income tax rate.

Rabobank director of long-term funding Patrick Mitchell said the offer complements Rabobank’s online savings and investment service RaboPlus.

The funds raised by the offer will ultimately constitute Tier 1 Capital for Rabobank Nederland and will be used for the general corporate purposes of the Rabobank Group.

The PIE Capital Securities are expected to be rated AA- by Standard & Poor’s and Aa2 by Moody’s.

As Rabo Capital Securities Limited will qualify as a Portfolio Investment Entity (PIE), investors in the securities will have their tax on dividends capped at 30%.

The PIE Capital Securities will constitute perpetual preference shares paying quarterly dividends at a fixed rate for the first five years.

The minimum investment amount will be $5000 and $1000 increments thereafter.

The dividend rate for the first five years will be set on May 25, 2009 and may be higher than the minimum initial rate of 8%. The first quarterly dividend payment will be made on June 18, 2009.

« Commission says company must tell both sides of storyRates round-up »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 5.25  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

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