KiSS: fond goodbyes
PA Wellington Investors are withdrawing money from the first two Kiwi savings stock (KiSS) issues, to take advantage of high interest rates in the private sector. But they are keeping cash in other Reserve Bank issues such as the third and fourth KiSS issues, Our N.Z. Bonds, premium stock, and inflationadjusted bonds. It is believed that much of the money is going into shorter-term investments such
as commercial bills, which have been offering up to 35 per cent recently and which are still at over 24 per cent for 90 days. The third KiSS issue, which closed on February 27, attracted $64.4M at 15.5 per cent and 16 per cent. KiSS four opened on February 28 at 17 per cent and is drawing S7M a week. It is planned to have four Kiwi stock issues each year.
ONZ bonds were on sale
from June to November last year -at 5 per cent plus the rate of inflation, and took in S79M. Redemptions have been small.
Premium stock, which was offered from November 1981 to March 1983 was at 12 per cent plus a bonus if left in attracted S39OM of which S6BM
has been redeemed. There is still S79OM in the inflation-adjusted bonds and only about SIM a week is being redeemed.
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Press, 23 March 1985, Page 23
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215KiSS: fond goodbyes Press, 23 March 1985, Page 23
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