Ratings agencies (97 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

Merchant finance yield in decline for Latitude

Latitude Finance Australia is breaking new ground in the debt capital market, as the first financier to put a master trust structure to work in an asset-backed transaction. But the yield on the store finance and credit card business of Latitude, formerly GE Capital Finance, is on the wane, according to pre-sale reports from two credit ratings agencies. read more

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