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Vector offers 7.5% for NZ$150 mln retail bond offer
Energy infrastructure group Vector announced a minimum 7.50%p/a interest rate for its NZ$150 million retail bond offer. The unsecured, unsubordinated, fixed rate bonds will mature on October 15, 2014 and have been assigned a credit rating of BBB+ by Standard & Poor's. Interest will be paid semi-annually, Vector said.
The offer will open on May 4, 2009 and will close on May 27, 2009, Vector said.
The joint lead managers for the offer will be Goldman Sachs JBWere (NZ), ABN AMRO Craigs, ANZ and BNZ Capital.
See our bond rush page for an overview of recent retail bond offers in New Zealand.
Greedy bastards. I will not
Greedy bastards. I will not be supporting this one. Should have been a much higher rate for their credit rating. Contact Energy was 8%.
Hope they undersubscribe.
I continue to be amazed
I continue to be amazed by these bond issues.
IF you think about it... "unsecured, unsubordinated" could be compared to say, me going to my bank and asking simply for an unsecured loan for the next 5 years and telling my bank that I will pay 7.5% interest, because that's all I can afford. Lets assume I have a great history with my bank, regular revenue stream and some nice long term secure assets with a reasonably good value (not that I have given them security over it...). What do you think my bank would say to me?
Pretty odd considering their June
Pretty odd considering their June 2012 8% bonds are trading around 8% right now. Probably just looking to lengthen their maturity profile.
There have been much better
There have been much better bond issues than this and still will be. Better to buy Vector shares and collect the 8% plus any future capital gain over the next five years.