News Round Up
Monday, March 31st 2008, 5:05AM
Forsyth Barr says its two CDO backed, Global Credit Note funds have held up well despite the turmoil in credit markets.The offer, which was listed in 2003, is due to mature on December 30. During its life there have been no defaults in its portfolio and both series of the offer have maintained their original rating levels of AAA and A respectively.
Forsyth Barr says the Credit SAILS product, which currently is currently down about 30%, isn't one of its products, rather Forsyth Barr was just the lead manager for the offer. Also it is not a CDO fund.
Cash PIE like bank account
The National Bank has launched a cash PIE which it says is similar to a bank account.
The Call Fund, while being a managed fund, has been integrated with the systems used to access standard banking products, including over the phone, the internet and at a branch.
"The first thing that customers will notice about the new National Bank Call Fund is the ease by which the investment can be accessed, whether to add to the investment or redeem units in it," National Bank Retail Banking managing director Craig Sims says.
A key feature of the fund is that it invests only in call deposits with ANZ National Bank.
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