Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image

Electricorp options

Wellington reporter Electricorp yesterday launched Australasia’s largest ever bond option programme. Lead managed by Fay Richwhite and Co., the $5OO million domestic bond option issue is expected to attract interest from professional investors seeking short to medium term hedging or an investment tool. It is the first of its kind in New Zealand, and Electricorp expects it to lay the groundwork for the development of a more sophisticated, liquid options market, the corporation’s treasurer, Mr Guy Manuell, said yesterday. The options come in denominations of SIM, at a coupon rate of 11 per cent, and with a maturity date of February 15, 1991.

This coincided with the maturity date for one issue of Government stock, Mr Manuell said.

Market makers for the options will be Fay Richwhite, Bankers Trust New Zealand, and Citibank. The first tender for the options will close at midday, Thursday, August 3, with bidding restricted to registered bidders. The options will have a 110-day maturity, after which a further tender will be held. Holders of the options have the right, but not the obligation, to take up the physical stock upon maturity. Float extended The closing date for subscriptions to . Casino South Promotion, an unlisted company to seek a casino licence for Christchurch, has been extended to August 31. The issue was to have closed yesterday.

This article text was automatically generated and may include errors. View the full page to see article in its original form.
Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/CHP19890801.2.174.2

Bibliographic details

Press, 1 August 1989, Page 37

Word Count
222

Electricorp options Press, 1 August 1989, Page 37

Electricorp options Press, 1 August 1989, Page 37