MARAC's asset-backed paper becomes first accepted by RBNZ

MARAC's CPs, rated A-1+, are the first asset-backed securities to be approved under the facility, giving institutional investors more liquidity.

"MARAC is run in a very conservative manner, and diversification of both our funding and lending businesses is a key feature of this strategy," the company said in a statement,

Shares of Pyne Gould were unchanged at $2.40. They dropped on Friday after the company said it would post a first-half loss after MARAC called on a $25 million underwriting facility to cover impaired property loans.

By Jonathan Underhill

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