Rates Round Up
Manukau City Council reopens bond issue; All quiet on the deposit front (for now).
Monday, September 14th 2009, 9:30PM
Manukau City Council reopens bond issue
After successfully raising $90 million in July, Manukau City Council has reopened its bond issue to tap investors for another $100 million.
It is offering the same bonds as before, but investors must pay a premium, resulting in a lower yield of 6% for the four-year term and 6.7% for the six-year term compared to 6.15% and 9.9% coupons respectively.
All quiet on the deposit front
A quiet week in the war for deposit funds with banks on hold after recent flurries into longer-terms. FAI boosted its exposure to long-terms, introducing new rates for deposits over $5,000 of 6.35%, 8.05%, 8.75%, 8.85% and 8.95% in the one-, two-, three-, four- and five-year spaces. It also introduced rates of 8.65% and 8.75% for deposits under $5,000 in four- and five-year terms, while boosting its three-year rate 30 basis points and cutting its one- and two-year rates 25 points.
CBS Canterbury looked to the short-terms, boosting six-, nine- and 12-month rates by 40 basis points, while HBS Building Society upped its six-month rate 50 basis points and introduced a three-year rate of 5.5%.
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