A review of things you need to know before you go home on Monday; another bank sells it life insurance business, bond issue rush, more vaccine mandates, swaps and NZD stable, & more

Here are the key things you need to know before you leave work today.

MORTGAGE RATE CHANGES
SBS Bank raised rates late on Friday. Today, First Credit Union, and WBS followed. Nelson Building Society (NBS) has also raised their fixed rates.

TERM DEPOSIT RATE CHANGES
There were term deposit increases from SBS Bank, and from First Credit Union, WBS and China Construction Bank.

TEAMING UP WITH AN AUSSIE
Kiwi Group Holdings today announced the sale of its life insurance business, Kiwi Insurance, to nib nz for NZ$45 mln. Under the terms of the deal nib will buy the whole life insurance business and enter an exclusive relationship with Kiwibank which will see the bank refer its retail customers to nib "for their life and living insurance needs". The sale is subject to regulatory approvals. Kiwi Group Holdings is owned by NZ Post (53%), the NZ Super Fund (25%), and the ACC (22%). Kiwibank has shareholder funds of NZ$1.8 bln. NIB Group has shareholder funds of AU$706 mln. (The origin of the NIB name is Newcastle Industrial Benefits, founded by the union at the BHP Newcastle steel plant, now defunct. It has come a long way since and is now publicly listed). Banks quitting their life insurance businesses has become a common theme over the past two years.

LOCKING IN THAT LOW RATE MONEY
Auckland Airport (AIA, #) is looking for up to $150 mln via 5 year bond, with a margin 70-80 bps over the 5 year swap rate (~2.60% + 80 bps = 3.40%). Not to be out-done, Vector (VCT, #32) says it is looking for up to $300 mln via a 6 year bond.

CAPPING A WEAK WEEK
Even though the overall NZX50 index closed down a minor -0.2% last week, there were in fact some notable movements by some on that index. The big one was Westpac (even if it is only in the index on a token basis) which fell more than -12% and dropped 3 places to #38. Precinct Properties (PCT, #21) dropped -4.2%. In fact, all listed property companies in the NZX50 fell except Vital Healthcare (VHP, #28). In the retirement/rest home property sector, they all fell too with one exception with the largest fall being by Summerset (SUM, #13) by -3.5%. Arvida (ARV, #29) was the only gainer, up +2.5%. In the utilities sector, they all fell too except one, with the largest fall being by Contact Energy (CEN, #6) which went down -3.1%. The exception was Chorus (CNU, #14) which was up +1.4%.

CAPPING A CHALLENGING YEAR
All these companies will be in many fund manager portfolios. Research IP is running its Fund Manager Awards again this year, unique because there is one category that allows those in the wider industry, advisers, or those with an interest, to vote in their "Advisor Choice" category.

PRACTICAL MANDATE
Consultants and auditors Deloitte today advised they now have a vaccine mandate for all staff to be in-office or at-client situations. And of course, they won't be the only one. The soon-to-be released vaccine passport is going to get a very heavy workout soon.

A MAY AUSSIE ELECTION
It is all unofficial of course, but the Australian Federal bureaucracy seems to be working towards an April Budget and a May election there. On top of their huge recent deficits, there will be more spending and 'tax cuts'.

LOCAL PANDEMIC UPDATE
In Australia Delta cases in Victoria have jumped again to 1126 cases reported there today. There are now 16,178 active cases in the state and there were another 5 deaths yesterday. In NSW there were another 187 new community cases reported today with 2,898 active locally acquired cases, and they had another 7 deaths yesterday. Queensland is reporting another new case. The ACT has 13 new cases. Overall in Australia, more than 81% of eligible Aussies are fully vaccinated, plus 8% have now had one shot so far. In contrast, there were three new cases in New Zealand at the border, one death and 190 new community cases. Now 89.2% of Kiwis nationally aged 12+ have had at least one vaccination, while the Australian rate is now at 89.3% of all aged 16+.

GOLD SOFTISH
In early Asian trading, gold is at US$1816/oz and down -US$2 from its close on Saturday.

EQUITIES UNINSPIRING
The NZX50 has started the week virtually unchanged near is close today. The ASX200 is down -0.2% in early afternoon trade. Tokyo has opened with very little change. Hong Kong has opened -0.6% lower, while Shanghai has opened flat. The S&P500 futures index suggests New York will open tonight -0.3% off its record high close on Friday.

SWAP & BONDS RATES RETREAT
We don't have today's closing swap rates yet. They are probably softer and flatter. The 90 day bank bill rate is up +2 bps to 0.82%.The Australian Govt ten year benchmark rate is now at 1.78% and little-changed. The China Govt 10yr is now at 2.91% and down -1 bp. The New Zealand Govt 10 year rate is now at 2.52% but still above the earlier RBNZ fix for that 10yr rate at 2.49% (-1 bp). The US Govt ten year has fallen -6 bps from Friday to just on 1.47%.

NZ DOLLAR UNCHANGED
The Kiwi dollar is now at 71.1 and virtually unchanged since this morning. Against the Aussie we are also little-changed at 96.2 AUc. Against the euro we are at 61.5 euro cents which is little-changed as well. The TWI-5 remains at 74.9.

Appreciate this coverage? Support us in lockdown and go ad-free. Find out how.

BITCOIN SURGES
The bitcoin price is now at US$65,196 with a +4.9% surge since where we opened this morning. Volatility in the past 24 hours has been high at just over +/- 3.3%.

This soil moisture chart is animated here.

Keep ahead of upcoming events by following our Economic Calendar here ».