Macquarie's notes don't reach the highpoint

Macquarie has pulled its Highpoint notes offer after extending it at least once and subscribers are due to get their money back plus interest.

“Investors who applied for this offer will receive a refund of their relevant application amounts, together with interest earned (if any) at the rate of 7%,” the trustee says in a statement.

Macquarie says it has decided to not proceed with its offer of Macquarie Highpoint Notes, due to adverse market conditions.

Highpoint notes are a capital protected international equities product, which has been successfully sold in New Zealand before.

The latest offer was a “new improved” version of the product sold in 2003.

Investors gained access to the 50 largest listed companies in the world, plus they had what is known as “rising capital protection”.

This feature not only protected the initial capital invested, but also locked in each 10% gain made by the notes.

The notes being issued in this offer were due to be listed on the NZX.

More product details.

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