sharetrader
Results 1 to 9 of 9
  1. #1
    Update Ready To Install
    Join Date
    Aug 2010
    Location
    Floating Anchor Shoals
    Posts
    5,377

    Default Genesis capital bond issue

    Any opinions on this welcome; my eyes glaze over too fast on the details.
    Terms Sheet linked here

  2. #2
    Guru peat's Avatar
    Join Date
    Aug 2004
    Location
    Auckland, , New Zealand.
    Posts
    3,618

    Default

    The Vector one was ever so slighly better (almost identical terms)
    But at 5.7% its good enough for bond investors to be tempted I would suggest. We filled our book and sold the lot.
    While it is long dated, it has a reset and resale facility provided by the Issuer every five years. And yet this allows them to consider 50% of the debt as equity. So its a win win in my view. Its pretty unlikely you will be forced to rollover in 5 years (but possible) The Issuer has to pay an extra margin on the whole bond if there are some not resold in five years so they are incentivised to place redemptions with new bond investors .
    Vector bond was better though because the extra margin was a whole one percent whereas the Genesis extra margin is only 0.25%
    Other than that and GNE paying quarterly interest the two bonds were the same.
    For clarity, nothing I say is advice....

  3. #3
    Member
    Join Date
    Dec 2011
    Location
    Christchurch
    Posts
    61

    Default

    I heard its heavily oversubscribed?

  4. #4
    Guru peat's Avatar
    Join Date
    Aug 2004
    Location
    Auckland, , New Zealand.
    Posts
    3,618

    Default

    yes indeed McDongle

  5. #5
    Member
    Join Date
    May 2007
    Location
    Auckland, , New Zealand.
    Posts
    253

    Default

    I've been allocated 80% of what I applied for, so not too bad. Now waiting to see how much scaling there will be on Vector.

  6. #6
    Update Ready To Install
    Join Date
    Aug 2010
    Location
    Floating Anchor Shoals
    Posts
    5,377

    Default

    Excellent; many thanks peat

  7. #7
    Guru peat's Avatar
    Join Date
    Aug 2004
    Location
    Auckland, , New Zealand.
    Posts
    3,618

    Default

    Vector scaling was brutal.
    For clarity, nothing I say is advice....

  8. #8
    Member
    Join Date
    May 2007
    Location
    Auckland, , New Zealand.
    Posts
    253

    Default

    Luckily I got 100% of my application.
    It was only 10K though..............
    Of Vector
    Last edited by Grimy; 05-06-2017 at 07:49 PM. Reason: Clarifying which bond

  9. #9
    Guru peat's Avatar
    Join Date
    Aug 2004
    Location
    Auckland, , New Zealand.
    Posts
    3,618

    Default

    i've just finished moving my allocation (for clarity, of Genesis)
    Last edited by peat; 02-06-2017 at 07:19 PM.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •