Rates Round Up

Marac looks to ‘Heartland New Zealand’
Marac Finance, the finance unit which had $160 million of impaired loans on property developments taken off its books by parent Pyne Gould, is eyeing up what it calls “Heartland New Zealand” as a new source of revenue.

The wider Pyne Gould group counts about 69,000 customers who are salaried and self-employed New Zealanders, small and medium business and their owners, and retirees, and Marac sees this as a potential growth sector that has been “under-serviced by financial service providers.”

Having given up property lending, Marac will focus offering services to individuals and businesses to provide vehicles, plant and equipment and cash-flow-based working capital.

Macquarie Fortress Notes climb back to 24.8 cents
Macquarie New Zealand Fortress Notes have extended their gains, with the net asset value climbing to approximately 24.8 cents per note as at August 31.