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University of Canterbury filling NZ$50 million 'philanthropic bond' issue fast

Posted in News October 23, 2009 - 04:49pm, Bernard Hickey

University of Canterbury has announced its 'philanthropic bond' issue to raise up to NZ$50 million has been filling fast with NZ$15 million already received since it opened on October 9.

University of Canterbury said it had received reservation requests from brokers for NZ$35 million for the five year bond offer, which closes on November 30 and is offering 7.25%. Investors can reduce their interest as a donation to the University, which plans to use the bond proceeds for new buildings and technology.

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4 Comments

by Roger Thompson | 24 Oct 09, 2:37pm

Am I missing something obvious

Am I missing something obvious here , but this is plainly daft . And from a university too . Wouldn't it be easier , and more tax beneficial , for generous souls to just donate money , or make bequeaths , to the venerable seat of learning .......... Are there sun-spots today ? .......... Bloody hell !

by Ray | 26 Oct 09, 3:40pm

Unfortunately Roger, it would appear

Unfortunately Roger, it would appear there is money to be made out of universities these days....

by Roger Thompson | 26 Oct 09, 3:52pm

I have no problem with

I have no problem with that . In fact , not before time they got into the real world , and out of their socialist ivory towers . But a philanthropic bond issue ? Myopic , moronic nonsense . Either you donate money or you don't . Why the cutesy pie " reduce their interest as a donation to the university " ? .............. Spring fever ........... Sun-spots ............Excess booze.............. God only knows how seemingly educated folk dream up this rubbish .

by The Bank Manager | 26 Oct 09, 9:54pm

The lemmings will put their

The lemmings will put their money anywhere if there is a high interest rate on offer no matter how risky! We saw it with the finance companies. How will this university propose to pay back all of this debt?