Mixed loan success
(N.Z.P.A. Staft Correspondent LONDON.
New Zealand efforts to raise loans on the European money market had mixed fortunes last week.
Plans for a loan of 60 million Swiss francs (about $18.31m) fell through, but a 100 million Deutschmark (about $31.6m) loan met a favourable reaction from money dealers as soon as it went on the German market.
The planned Swiss loan was cancelled by a Switzerland banking consortium after the Swiss National Bank asked banks not to offer any new foreign authority loans on the country’s capital market. London financial sources said today the request was valid only until the end of February, leaving the consortium open for another application by New Zealand in March.
The sources said the German loan, for seven years, had been priced at par when trading began this week, and was immediately traded very favourably. The initial good demand indicated the confidence of German investors in New Zealand and its currency, said the sources.
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Press, Volume CXV, Issue 33740, 13 January 1975, Page 10
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162Mixed loan success Press, Volume CXV, Issue 33740, 13 January 1975, Page 10
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