SBS launches unguaranteed 5 year subordinated bond at 7%

Newly minted bank SBS Bank has launched an unguaranteed 5 year subordinated bond for existing customers with a 7% interest rate. "The Premier Bond is an ideal way to further strengthen our balance sheet with longer term funding," SBS CEO Ross Smith said. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.