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SCF sweetens rate for current investors

South Canterbury Finance tries to get its investors to go for longer date maturities, while PGG Wrightson encourages investors to roll their 12 month deposits.

Monday, May 3rd 2010, 9:32AM

by Paul McBeth

PGG Wrightson Finance is asking PWF020 bondholders to roll-over their investment into a 12-month term deposit instead of taking the repayment of their principal on May 20. The finance company is offering to pay 7%, and investors will be covered by the government's extended retail deposit guarantee.

That came in a week where BNZ cut its six-month rate 20 basis points for $10,000 deposits and $20,000 bonds, and Kiwibank lifted its six-month rate by 80 points, while cutting its 12-month term by 15 points.

Meanwhile South Canterbury Finance is making an offer to existing SCF secured debenture stock investors to reinvest in new longer-dated SCF secured debenture stock at an enhanced interest rate.

"SCF wishes to smooth and extend the maturity profile of its current debenture book, which has been affected by the existing Crown deposit guarantee scheme, and is proactively addressing a large volume of debentures that mature before the existing Crown deposit guarantee scheme expires on 12 October 2010.

"Acceptance into the extended Crown deposit guarantee scheme means SCF is able to offer attractive longer-term Crown guaranteed investments out to 31 December 2011," the company says in a letter to investors.

Existing investors will be paid interest at 8.00%, plus a loyalty bonus of an additional 0.25%, from the maturity date an investor's existing investment until the maturity date of the new longer dated investment.

 

 

 

 

Paul is a staff writer for Good Returns based in Wellington.

« Wrightson tinkers with rates across the board, ASB targets short moneyCompetition tight for 12-month terms »

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 3.95 4.15 4.49
ANZ Special - 3.45 3.65 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
Bluestone 4.44 4.44 4.29 4.34
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
Lender Flt 1yr 2yr 3yr
China Construction Bank Special - 3.19 3.19 3.19
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 4.65 4.80 -
HSBC Premier 5.24 3.54 ▼3.20 3.69
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 3.97 4.05 4.39
Kiwibank 5.15 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 -
Lender Flt 1yr 2yr 3yr
Pepper Money Near Prime 5.64 - 5.44 5.44
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.45 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 3.55 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
Lender Flt 1yr 2yr 3yr
TSB Bank 6.09 4.19 4.35 4.69
TSB Special 5.29 3.39 3.55 3.89
Wairarapa Building Society 5.50 3.95 4.05 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.55 3.99
Median 5.34 3.96 4.09 4.39

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