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

 

Second Absolute Capital PINs product closes

Media Release: 23 November 2006


Second Absolute Capital PINs product closes successfully

 Over $NZ50 million raised by PINs 2006-1
 PINs 2006-1 follows success of last year’s PINs 2005-1


Absolute Capital Group announces a successful launch of its second NZ PINs product, confirming over $NZ50 million raised

The Absolute Capital Group, a leading specialist boutique structured credit manager, and promoter of Packaged Income Notes (PINs) Series 2006-1, today announced that PINs Securities NZ Limited has closed the New Zealand PINs offering with retail and institutional investors committing over $NZ50 million to the product.

Having opened on the 30th of October, the offer closed on Friday 17th November. Notification of allotments will be mailed on 23 November and the expected date of quotation is 23 November.

Commenting on the levels of demand, Deon Joubert, Group Managing Director said, “Following the success of our first PINs product, we believed that the timing was right for the launch of a second PINs offering to the NZ market, and it has been very encouraging to see that so many investors agree with us.”

The key features of the successful product include:

 Principal capital protection#
 Designed to generate a 9.25% per annum yield plus potential bonus interest*
 Regular coupon generating quarterly income to investors*
 Rear-ended performance fee structure
 Income is supported by a range of internationally diversified credit and other investments
 Secondary trading is available on the NZDX from 23 November, 2006


About Absolute Capital
Established in 2001, Absolute Capital offers focused boutique capability.
Absolute Capital is 50 per cent owned by ABN AMRO Australia Limited, a wholly owned subsidiary of ABN AMRO Bank N.V. The balance of Absolute Capital is owned by Absolute Capital Management Holdings Pty Limited, representing the interests of staff and management. No member of the Absolute Capital Group or the ABN AMRO Group guarantees PINs 2006-1.
Absolute Capital Limited, as part of the Absolute Capital Group, is a specialist boutique structured credit manager, offering a range of structured credit and fixed income products to the Australian and New Zealand markets.
Absolute Capital Limited uses non-traditional investment techniques to meet the increasing demand of yield-driven products to create absolute returns.
Absolute Capital has a successful track record with approximately $NZ400m under management.

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Serious Fraud Office: Commences Enquiries Into Allegations Of COVID-19 Wage Subsidy Fraud
The Serious Fraud Office has commenced a number of enquiries into alleged abuse of the Government’s COVID-19 Wage Subsidy. Director Julie Read said the allegations relate to multiple complex cases of potential fraud that have been referred to the agency following extensive investigations ... More>>



Environment: Preliminary Environmental Data On New Zealand’s Air Quality Released Today

The Ministry for the Environment and Stats NZ have published the Our air 2021: preliminary data release today. We are currently working to revise the Our air 2021 report to incorporate analysis of the World Health Organization (WHO) 2021 air quality guidelines that were released on 23 September 2021... More>>


Statistics: Food Prices Rise For Sixth Consecutive Month
Food prices rose 0.5 percent in September 2021 compared with August 2021, mainly influenced by higher prices for grocery food and meat, poultry, and fish, Stats NZ said today. September’s movement is the sixth consecutive monthly rise. After adjusting for seasonality, prices rose 0.9 percent... More>>



Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>


Transpower: Releases Independent Report Into Events Of August 9
Transpower’s Chief Executive Alison Andrew has today released an independent report into the grid emergency of August 9 when insufficient generation was available to meet demand, leading to some customers being disconnected... More>>

Bayleys: Latest Lockdown Adds Further Fuel To Industrial Property Market

The recent construction shutdown resulting from Auckland’s Covid 19’s lockdown restrictions has put additional pressure on an industrial property market that is already struggling to keep pace with demand... More>>