Rates Round Up
Momi auction extended; ASB and Bank Direct hike TD rates
Tuesday, July 28th 2009, 8:58AM
Momi auction extended
The stage one auction of the partially completed Fijian Momi Resort - of which Bridgecorp was exposed to the tune of over $100 million - has been delayed.
On a website for the resort, Bayleys Real Estate states that the auction date has been pushed out to August 25, 2009 citing "unprecedented international interest" and the need "to allow more time for inspections and purchaser due diligence". The resort auction had been scheduled for July 22.
ASB and Bank Direct hike nine-month term deposit rates
ASB and Bank Direct have both bolstered their nine month term deposit rates by a healthy 90 basis points, to see them reach 4.65%. The pair edged out SBS Specials' three-month offering, which fell by five basis points to 4.60%, while SBS Specials' 12-month offering rose 10 basis points to hit 4.70%. SBS Specials' products require a $5,000 minimum investment.
Other big movers include Equitable's two-year debentures, which saw a 75 basis point rate hike to reach 7.75%. However, its five-year bond saw the greatest rate cut this week - dropping 20 basis points to 5.75%. Meanwhile Broadlands hoisted up its two, three and four year product rates by 50 basis points, putting them at 8%, 8.75% and 9% respectively.
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