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

 

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Scoop Business: ComCom Charges Hawkins’ Finance Companies Over Debt Recovery

The Commerce Commission has filed criminal proceedings against two finance companies run by former 1980s high-flyer Allan Hawkins over their debt recovery practices. More>>

ALSO:

Science Media Centre: The Big Science Stories Of 2014

It was a dramatic year for science, one that witnessed a severe outbreak of Ebola in West Africa and an historic mission to land a space probe on a comet. On the home front... headlines with animal testing for 'legal highs', 1080 use to tackle increased pest numbers and court action over genetically modified organisms among the most-covered stories. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news