by Paul McBeth
First Mascot Finance payment beats expectations
The first distribution to investors in Mascot Finance beat the receiver's forecast, with 55 cents in the dollar paid out.
In their previous report, Paul Munro and Brett Chambers of Deloitte estimated the first payment to be 50 cents in the dollar, but selling the failed company's buildings and recovering the full value of its gaming loan book, it paid back $35.8 million of the $65.2 million owed to some 2,500 investors.
That leaves 116 loans on the company's books at a net value of $33.7 million, with property loans the most problematic.
Mascot's investors were covered by the government's retail deposit guarantee, which pays out investors and takes on their liability.
NZDMO to increase this year's bond programme
The New Zealand Debt Management Office will increase its local bond programme by $2 billion to $12.5 billion. The DMO said $10.47 billion of the available $10.5 billion had already been sold and it was keen to keep taking advantage of the low interest environment.
That may result in fewer government bond issuances in the coming years.
MTF cancels credit rating on euro commercial paper
Motor Trade Finances, a cooperative of more than 650 outlets specialising in financing cars, has asked Standard & Poor's to cancel its credit rating on the MTF Securities euro commercial paper programme. It last issued in September 2008, and has no outstanding issuance under the programme.
Paul is a staff writer for Good Returns based in Wellington.
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