Across the ditch, Fletcher Building Finance Limited launched an issue of subordinated, unsecured capital notes. Fletcher is looking to raise NZ$100 million and will accept over subscriptions of a further NZ$100 million. The notes will mature in May 2014 and May 2016 and will pay a coupon of nine per cent per annum. The notes can be converted at maturity into Fletcher Building shares at 98 per cent of the then current price.   The offer will close on March 31, 2009 or earlier, at the company's option.South Canterbury Finance announced its intention to launch on December 2 a NZ$75 million, government guaranteed, bond issue with oversubscriptions up to NZ$25 million being acceptable. The bonds will pay an eight per cent per annum coupon and will mature October 8, 2010. South Canterbury Finance will retain an option to extend the maturity by 12 months, if the government guarantee scheme is similarly extended. Finally, electricity generator and retailer, Genesis Power Ltd (rated 'BBB+/Stable/--' and not guaranteed by the New Zealand government), is to launch a NZ$150 million bond issue on December 3 and will accept oversubscriptions up to a further NZ$75 million. Maturities of 15 March 2014 and 2016 will be offered with minimum coupons to be set on December 1. The offer will close on December 19 and final coupons will be set on December 23.