Despite all the signals that interest rates are likely to increase in the near future the Reserve Bank continues to hold the Official Cash Rate to 1.75%

The Reserve Bank’s cutting of the OCR to 2.00%  has only been partly followed by an across the board cutting of rates by the banks.

Goodman (NZ) Limited, the manager of Goodman Property Trust (“GMT”), has announced that it will be offering $75m (+25$m oversubscribed) of 7 year direct secured, unsubordinated retail bonds (“Goodman+Bonds”) maturing on 4 December 2020 guaranteed by GMT.

More details to follow.

Wellington International Airport Limited (WIAL) has announced an offer of up to $50 million fixed rate bonds (Bonds) with the option to accept over-subscriptions of up to an additional $25 million.

The Bonds will have an interest rate of 6.25 % p.a. and will have a maturity date of 15 May 2021. The minimum application amount in respect of the Bonds is $10,000 and in multiples of $1,000 thereafter.

The offer will open on 24 October 2013 and close on 11 November 2013.

The NZ Government has announced it intends to offer up to 49% of Meridian Energy to the public by way of an Initial Public Offering (“IPO”).

Key dates
Retail Offer Opening Date – 30 September 2013

Retail Offer Closing Date – 18 October 2013

Listing and Trading of Securities on NZX – 29 October 2013

• Pay in instalments. Get any dividends in full. The Meridian Share Offer will use instalment payments for investors who buy Meridian shares.
• A price cap for New Zealand retail investors. To give New Zealand retail investors greater certainty on the final share price, Meridian shares will have a set maximum price per share. You will be guaranteed to pay no more than a set share price, even if the price paid by institutions is higher.

Find out more about these announcements at www.governmentshareoffers.govt.nz.

Z Energy listed today at a 5% premium over the set price of $3.50 which is good news for all those who got an allocation. Many applications were cut back by over 50%.

Infratil and the NZ Superannuation fund are offering up to 50-60% of the shares in Z Energy to the public. If you are interested you will need to contact your broker as there will be no public pool.

The indicative price range for the Offer of $3.25 to $3.75 per share will give Z Energy a market capitalisation of $1.3 to $1.5 billion on listing. This price range equates to a likely gross dividend yield of 8.1 -9.4%.

Key dates are
Opening Date: Friday 2 August
Closing Date: Thursday 15 August
Listing on NZX: Monday 19 August

The drop in Mighty River Power share prices is not the news that the recently announced IPOs in the pipeline were looking for with their plans to sell off part of Meridian Energy.

The MRP listing is in stark contrast to the SLI Systems and Synlait listings which have both done well.

It looks like the stock market is running out of steam and with gold prices well down on their recent highs it could well be the time to consider adding gold to your portfolio

.

Infratil Limited has registered a simplified disclosure prospectus (SDP) for an offer of unsecured unsubordinated infrastructure bonds with an interst rate of 6.85% for a term of 9 years. The bonds will open for application on 23 April.