Ratings agencies (102 items)

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Kiwibank 'cannot settle' priced bond

Kiwibank yesterday evening alerted debt investors it "cannot proceed with the settlement" of a A$175 million, ten-year bond priced (as in 'agreed') only last week.Maybe the bank meant it simply 'no longer wants to borrow', or perhaps, a more drastic view, it 'cannot borrow' without the recently removed New Zealand government guarantee.Whatever the rationale, it was too compromising for anyone at Kiwibank to explain to either ANZ or the bank's investors, let alone clarify anything for Banking Day.This episode casts the spotlight on a little scrutinised bank with an abundance of operational risks to manage. read more

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