Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ insurer CBL issues bond for Australian investors

10 April, 2014 MEDIA RELEASE

NZ insurer CBL Corporation issues bond for Australian investors

FIIG Securities today closed a $55 million bond issue for New Zealand credit and financial risk insurer CBL Corporation Limited, the first time it has arranged a bond for a non-Australian company.

The five year, senior secured fixed-rate Australian dollar note carries an indicative interest rate of 8.25% per annum paid semi-annually in arrears.

FIIG CEO Mark Paton said the bond was yet another first for FIIG as it continued to develop the path to the Australian bond market for mid-cap companies.

“This is the eighth bond we have brought to market for mid-cap companies, the first for a New Zealand-based company and the first for a group with a credit rating,” Mr Paton said.

“This will take the total raised to more than $400 million in a relatively short time showing that this path to the market is well and truly open and growing rapidly.”

CBL Corporation’s main operating entity is CBL Insurance Limited, a New Zealand-licensed non-life insurer which is supervised and regulated by the Reserve Bank of New Zealand.

CBL Insurance currently has an investment grade rating of B+/bbb- (outlook positive) from AM Best Ratings Agency, a specialist insurance rating agency that also rates groups such as QBE and Swiss Re.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news