P.N. finance popular
Tendering for 90-day or promissory notes, or one-name-paper is attracting a large amount of funds on the money market. One money-market dealer said yesterday that a recent tender by Rothmans Industries, Ltd, for S6M had attracted SS2M from hopeful subscribers. This S6M note had been endorsed by a bank.
An issue of S6M “onename” paper by the Meat Board had also closed on Tuesday, heavily oversubscribed. The yield was between 13.6 per cent and 13.7 per cent compared with about 13.85 per cent offered for Rothmans. Another Meat Board S6M “one-name” paper offer attracted tenders of between SIBM and S2OM from investors more than a week ago. The dealer said that at present there was a lot of money around, and with a shortage of suitable securities, investors were looking at ways of circumventing the finance regulations. * Yields were falling be- “ cause of the high amount of money offered and the shortage of “paper,” the dealer said.
Tendering for one-name paper has been introduced to the money market in the last 12 to 18 months.
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Press, 12 April 1984, Page 26
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178P.N. finance popular Press, 12 April 1984, Page 26
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