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kiwitrev
20-10-2016, 08:17 PM
Anybody holding. Daughter has sold house and sizeable sum to invest 6mths. At 5.15% and current price on NZDX about par seems a reasonable choice. Havn't been following IAGFB so not up with any goss. Would appreciate any feedback.
Thanks

Grimy
20-10-2016, 09:15 PM
No feedback as such, but I do hold. I bought them when they were IAGFA with a return a couple of % higher. As rates fell they decided to pay out on them and issue the FB bonds. I'm happy enough to have them in my bond holdings.

peat
05-11-2016, 09:17 PM
they are fixed rate 5.15 until 2022 at which point they not only become repayable solely at the decision of the Issuer every quarter but also revert to a 2.6% margin over the 90 day bill rate. They they last for another 14 years or so. and then they might become equity .
Thats my understanding of these hybrid notes (I wouldnt call them a bond quite frankly)

Grimy
07-11-2016, 08:15 PM
You're right, bond was probably not describing them correctly, but I didn't want to create another section on my spreadsheet :-)

peat
08-11-2016, 08:13 AM
interestingly on the 1st November the IAGFA's have been called in for redemption.

macduffy
08-11-2016, 11:36 AM
interestingly on the 1st November the IAGFA's have been called in for redemption.

This was signalled some time ago. The IAGFB's replace them, at a lower interest rate. of course! Holders of the A's received an offer to (partially) replace them with the B's.

Grimy
08-11-2016, 08:22 PM
Which is what I did. Holders of the A's were able to transfer into the B's and received a payment at the old interest rate up to the old notes call date so as to not disadvantage them from pulling out of the A's early to get into the B's (phew).

Grimy
22-02-2022, 08:41 AM
Possibility these will be repaid in June (1st call date) according to Chris Lee newsletter yesterday.

Grimy
11-03-2022, 02:49 PM
Confirmed today that they will be repaid in June.

Grimy
15-03-2022, 08:59 PM
And a new bond opens next week (21st). IAGFC. Rate still to be set, but 5-ish%?

mcdongle
16-03-2022, 07:47 AM
Wonder how long the duration will be

Grimy
16-03-2022, 04:41 PM
15/6/38, but expected repayment will be at the first call date of 15/6/28.

mcdongle
17-03-2022, 08:19 AM
thanks....

Grimy
21-03-2022, 12:03 PM
If you have any of the IAGFB bonds and you want to roll them over into the new ones, the application form is live now. $30 million being reserved for current holders, so will possibly close today.
https://www.iagsubordinatednotes2022.co.nz/

Grimy
26-03-2022, 02:35 PM
Rate for the new IAGFC notes has been set at 5.32% until the first redemption/reset date in June 2028. Slightly higher than the IAGFB notes (5.15%).