SBS adds five-year bond
SBS Bank is introducing a five-year bond, specifically for its customers, but is looking to make a broader offering to the public in the future.
Tuesday, February 10th 2009, 7:17AM
SBS Bank chief executive Ross Smith said the bank wanted to reward its loyal members by making a maximum level of investments available exclusively to SBS Bank customers.
These investments will be locked in for a five year term and paying intereste at 7.00%. The offer is open until March 2, or until the targeted level of investment has been reached.SBS hopes to be able to continue to offer the SBS Premier Bond publicly once this initial exclusive offer expires. However, the interest rate on the Bond will be subject to review.“The Premier Bond is an ideal way to further strengthen our balance sheet with longer term funding."The SBS Premier Bond is issued as a subordinated redeemable share and offers a competitive interest rate, Smith says, with the principal sum locked in for a five-year term allowing investors to earn a regular fixed income from their investment through quarterly interest payments.| « Who has got a guarantee? | Money at Work: Meridian Energy's Renewable Energy Notes » |
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