Westpac bond to donate to Christchurch charity
"Red & Black" bond will donate a portion of interest to the Christchurch Earthquake Appeal Trust.
Westpac will issue a “Red & Black” bond, to raise money for the Christchurch earthquake recovery.
The bond will have a five-year term and pay a 5.80% interest rate, of which 0.50% will be donated to the Christchurch Earthquake Appeal Trust.
The offer of the Red & Black Bond will be open for three weeks from next Thursday.
Westpac Institutional Bank chief executive David McLean, said the bond is an investment opportunity with the added philanthropic benefit of helping the people of Christchurch.
“The Red & Black Bond provides a win-win situation. The investor receives a competitive fixed rate return on the bonds and is able to share some of that benefit with Kiwis who really need it,” Mr McLean said.
“The resilience and determination of those in Christchurch has been extraordinary and investors will know they are directly helping communities re-establish themselves.”
None of the Red & Black Bond donations will be used to cover operational or administrative costs. The Christchurch Earthquake Appeal Trust will select the particular community projects that will receive assistance.
The Prime Minister’s representative on the Christchurch Earthquake Appeal Trust, Mark Weldon, said contributions from the Red & Black Bond would help improve the quality of life for those in Christchurch and will be targeted for projects that are not receiving official assistance.
“The money raised for the Christchurch Earthquake Appeal Trust by the Red & Black Bond will help restore touchstones in local communities.
“That is crucial to helping get some sort of normalcy back as quickly as possible and ensuring an effective recovery in the long-term.”
Key finance sector operators have joined Westpac in making the bond available and donating their brokerage fees including UBS New Zealand, First New Zealand Capital, Forsyth Barr, Macquarie and NZX.
In addition, Chapman Tripp, Link Market Services and Colenso BBDO have also supported the offer donating their time and resource.
NBR staff
Thu, 14 Jul 2011
Thu, 14 Jul 2011
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Westpac bond to donate to Christchurch charity
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