Friday, 21 September 2007

Here’s where all the finance company deposits are flying to:

Dutch bank Rabobank Nederland [RABN.UL] said it would nearly double the amount of its Tier 1 perpetual securities issue to NZ$900 million ($643 million) due to strong demand.

It said the margin on the securities had been set at 76 basis points over the one- year swap rate, following a tender among institutional investors last Friday. The issue -- increased from an initial NZ$400 million -- is the largest ever for a non-governmental organisation in the New Zealand market, the company said.

The increase comes amid adverse global credit conditions, which saw New Zealand's Yellow Pages Group scrap a NZ$100 million bond issue earlier in the month.

The strong demand has been partly attributed to nervousness about investing in local finance companies, five of which have shut their doors in the past four weeks as small investors have stopped lending or demanded their money back.

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