Large loan for N.Z.
(N ZP A Staff Correspondent; LONDON, August 7. ! New Zealand, which a week ago set out to raise a loan of SI Ssom on the European market, has ended up with SLSIOOm. The creditworthiness of New Zealand as a borrower on the international money market, and the confidence of investors in the potential appreciation of the American doliar, are believed to be responsible for the success of the loan issue. Financial sources in London said today that it was probably the first time a Eurobond issue had doubled in the time it was on the market. An official of Kidder, Peabody and Company, Ltd, the investment bankers leading the issues, said: “We are delighted with the response.” Sources said that there had been a very strong demand for the issue from Switzerland, which had taken up most of the loan. The rest was spread throughout Europe. Final agreements for the loan were signed in London tonight by the High Commissioner to Britain (Mr Watt). The loan was floated on Friday, July 25. Ore issue, for SUS6Om is in five-year notes, with a 9 per cent coupon. The other, for SUS4Om, is in seven-year bonds, with a coupon of 9} per cent.
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Bibliographic details
Press, Volume CXV, Issue 33917, 9 August 1975, Page 1
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205Large loan for N.Z. Press, Volume CXV, Issue 33917, 9 August 1975, Page 1
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