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


Hepatitis A Link: Increased Surveillance Of Imported Frozen Berries

The Ministry for Primary Industries (MPI) Director General has issued a statement warning of a potential risk associated with imported frozen berries following four human cases of Hepatitis A thought to be linked to packaged imported frozen berries. More>>


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news