AUCKLAND LOAN
UNDERWRITERS' RESPONSE. BILITY ■
(From "The Post's" Representative.) LONDON, 23rd December. The subscription list of an issue of £198,600 in beared debentures of £100 each of the City of Auckland 5 per cent. 1951 loan was opened on 18th December. The price of issue was £99 per debenture. The principal of this loan is to be repaid at par on Ist January, 1951, and the proceeds of the issue are to be applied to the redemption of a similar amount of the Auckland 4 per cent, loan, 1909, due to be repaid on Ist January next, the whole of which (£399,200) will be redeemed. No difficulty was experienced in underwriting the loan, but when the lists were opened there was no heavy over-subscrip-tion. When dealings in the loan commenced yesterday 56 per cent, of _the amount had been subscribed by the public, and the jinderwriters received 44 percent, of their commitments. Dealings on btocu Exchange yesterday commenced at; •* discqunt, and the price was unchanged at the close of the day. ... , r ■ It is evident that the investing public considered the price of the loan a httte too high. It is considered in the city that at £98 10s the whole of: the amount might have been easily subscribed, Auckland City, however, has obtamed the money at a very rate.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/EP19310127.2.112.6
Bibliographic details
Evening Post, Volume CXI, Issue 22, 27 January 1931, Page 12
Word Count
220AUCKLAND LOAN Evening Post, Volume CXI, Issue 22, 27 January 1931, Page 12
Using This Item
Stuff Ltd is the copyright owner for the Evening Post. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in