ING credit funds down again; EUFA asks court to stop Hanover meeting; Lower OCR plus for commercial property; Unlisted turns five.

Two themes come to mind this week with our news. One is communications and the other is falling interest rates.

Auckland

Richard McIntosh has been appointed to the position of head of legal and compliance for AIG Life.

The Reserve Bank today reduced the official cash rate (OCR) from 6.5% to 5.0%.

Investors are responding positively to quality investor communications – and are less likely to abandon their provider if they are satisfied with the information they are receiving about their investment.

Genesis Energy says there is strong interest for its first issue of unsecured, unsubordinated bonds and its initial target of raising $150 million has been exceeded. It will exercise its right to accept over-subscriptions of up to $75 million.

The Securities Commission has published an article providing guidance to investors considering moratorium proposals. See article here.

South Canterbury Finance has opened its $100 million of fixed rate, secured bonds, which is offering a return of 8% with quarterly interest payments.

Tauranga

Hamilton

Genesis Energy is looking to raise up to $225 million through a senior bond issue with the money raised being used for general corporate purposes, including the repayment of debt.

The government’s deposit guarantee scheme has turned the finance company sector on its head, with investors now pouring money into these companies.

AIG Life has just released details of its latest product enhancements which, it says, are part of an on-going programme of improvement and innovation to help meet the needs of Kiwi business and families.