A review of things you need to know before you go home on Monday; Mortgage and term deposit rate changes as BNZ goes low, there's a new IRD scam in town, Westpac NZ looks for $100+ mln, swaps drop, and dollar firms

A review of things you need to know before you go home on Monday; Mortgage and term deposit rate changes as BNZ goes low, there's a new IRD scam in town, Westpac NZ looks for $100+ mln, swaps drop, and dollar firms
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Here are the key things you need to know before you leave work today.

MORTGAGE RATE CHANGES
BNZ has tweaked lower its Classic Special two-year rate from 3.85% to 3.79%.

TERM DEPOSIT RATE CHANGES
BNZ has lowered its seven-month rate from 3.25% to 3.15%.

ICBC has raised its one-month rate to 0.8% from 0.75%, but otherwise trimmed rates across its range, by from 5 bps to 25 bps. The biggest change is for the five-year rate, which goes from 3.35% to 3.1%. The six-month rate drops from 3.3% to 3.1% also. 

IRD WARNS OF 'CONVINCING' NEW EMAIL SCAM
The Inland Revenue Department is warning customers of a new and "convincing" email scam that offers tax refunds and appears to be very widespread, IRD spokesperson Sharon Thompson says. "We’ve received more than 900 reports over the weekend.  It looks like the real thing but has some tell-tale mistakes that people can use to tell it’s a scam."

BNZ GOES LOWEST
As noted above, the BNZ's dropped its two-year mortgage rate to the lowest being offered by the major banks.

WESTPAC NZ LAUNCHES FIVE-YEAR MEDIUM TERM NOTE ISSUE
Westpac NZ has launched a five-year medium term note issue seeking NZ$100 million but with "unlimited" oversubscriptions potentially to be accepted. Westpac says the indicative margin is 0.85%-0.9%, which gives an indicative interest rate of 2.26%-2.31%. July 24 is the closing date for the offer with the notes to be issued on July 29. 

GOOD CARGO VOLUMES IN THE DEEP SOUTH
Bluff-based South Port says strong late season cargo flows will result in it achieving a net profit after tax for the year ended June 30 of around $9.66 million. That would make the profit the same as last year's, but it's a significant improvement on the $8.6 million to $8.9 million range the company advised of back in February.

TRANSPOWER SEES REVENUE IMPACT FROM COMMERCE COMMISSION RULING
National grid operator Transpower says its revenues in the next five years may be a total of $110 million less than earlier forecast as a result of a Commerce Commission draft decision on the "default price quality path" from 2020-2025. Transpower does not anticipate any material decline in its "key credit metrics" as a consequence of the  draft decision, however. The Transpower board said it would evaluate the impact and advise any changes to the forecast and targets set out in recent Statement of Corporate Intent once the Commission releases its final decision in November.

SWAP RATES DROPPING AGAIN
Local swap rates are dropping pretty much across the board again between one and four basis points. At the time of writing the two-year rate's down 1bp at 1.33%, and the five-year rate's at 1.41%. The 90-day bank bill rate's at 1.48%, down 4 bps. Australian swap rates are also dropping about 1 bp across the curve, with the two-year rate down 1 bp to 0.99%. The UST 10yr yield is now at 2.05%, down 1 bp.  The Aussie Govt 10yr is down 1 bp at 1.33%. The China Govt 10yr is down 1 bp as well, at 3.16%, while the NZ Govt 10 yr is unchanged at 1.57%. 

NZ DOLLAR SLIGHTLY HIGHER
At the time of writing the Kiwi was edging higher over the day against the greenback at US67.8c, and slightly higher too against the Aussie dollar at A96.2c, and against the euro at 60.4 euro cents.

BITCOIN HIGHER
Bitcoin's moved up a little during the day to $10,615 a short time ago, though it is down about 0.6% in the past 24 hours.

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Source: CoinDesk

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15 Comments

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Highlight new comments in the last hr(s).

Can anyone inform me why our dollar is creeping up against the Aussie when most recent stories refer to their economy being lifted up (by their ore) & ours... well not quite so?

... 'cos we're a rock star economy.. ... tee heee heeeee ...

I think because our ocr is 1.5 and theirs 1.0, and the dairy price holding up, and our term deposits 3%, theirs 2% or less.

on the gun register topic, that's going to be another epic fail for this govt. The "Concerned Ardern" look is a red rag to genuine hunters who feel they are being made scape goats in her crusade.

Boo effen hoo. That 5% of the population is just going to have to suck it up.

Not into looking after minorities eh? Slippery slope highlighting the flaw of democracy there.

It their toys that are being regulated, registered and controlled, not an ethnic/sexual/religious minority, so that argument can piss off too.

Haha, tyranny of the majority doesn’t arbitrarily apply to ethnic/sexual/religious groups. Just wait until your on the end of something you don’t like then I wonder how you’ll feel.

Edit: and on a side note, do you actually think any of these decisions will make us safer?

The announcement of the ban and buyback seemed effortless and well accepted. Yes I do think the new gun controls could make a significant difference to making us safer but like everything this govt does they are handling it very badly.

My bug bear is that guns are the symptom, not the cause. Ban them and there will be a new symptom (I.e. the Sri Lankan bombings).
We aren’t addressing the actual issues and accordingly we aren’t any safer yet we’ve lost access to something that wasn’t an issue before.
Look at London, it’s gun free but murder became worse so they banned knives. It is now less safe than New York! Banning doesn’t work anywhere near as well as addressing the underlying causes.

*you're. And I already am, lots of things I might want to do that I can't, or I can't without jumping thru a bunch of hoops. But I accept that Joe average is pretty thick, and quite selfish, so some thing are verboten, because Joe Average can't be trusted with them.

There’s a saying something like “anyone who has to say they are an intellectual generally isn't” which kind of applies here. What makes you think your above “joe average” and these “joes” can’t be trusted? Who ordained you with such wisdom and insight? The fact that your on here suggesting things be banned on behalf of less smart people (who don’t know better) makes me think you’re much more joe average than you like to think.

My post pushed your buttons pragmatist haha. Whats wrong your beloved and idealistic ardern stumbles from one cockup to the next

You might need to find an Ardern fan to play that game with, I've made no secret of the fact that I'm not a fan. I prefer her to Soimon, but only by the slimmest of margins.

Just not really giving a shit about the bitching from the gun nuts, their toys need regulating, and the high pitched whine is getting on my nerves.

Not being a gun owner it doesnt bother me the govt wants to make 5 year licences down from 10 year licences when they already dont even have the police staff to process licence renewals. Or to introduce a gun register when other countries tried and failed. Right now they have minimal momentum from the gun buy-back so this will be interesting watching the govt burning their energy. Makes a worthy diversion from all of their poor management