There are some aspects of this fund which may require extra consideration before deciding to invest.
Restrictions on transfer
There are rules around transfering in and out of this investment, which may depend on eligibility. For example, overseas investors may not be able to transfer into some New Zealand managed funds. Or there may be restrictions on withdrawals, such as not until age 65 for KiwiSaver funds.
Issuer can withhold payment
In this case, the provider of this investment may not pay investors back straight away. This is important to know and acknowledge as you research investments.
Issuer's description of this product:
Fully paid unsecured subordinated Fraternal Bonds
Minimum investment
This is the minimum amount you would need to put into this in order to invest.
Closing date
This is when this offer closes to investors.
Maturity
This investment does not have a fixed date of maturity, which can mean flexible or multiple terms are available.
Rate
This investment offer does not have a single set rate. This may mean that the rate is variable or that there are multiple rates available.
Key facts
Provider website
Issuer's industry
Financial/insurance
Credit ratings
Credit ratings can help you understand whether your investment in bonds will pay or if you'll get your money back. They indicate the long-term ability of the issuer to repay its debts. See also the Reserve Bank's primer on credit ratings and a map of the three scales used by the rating agencies.
This is the credit rating for this particular bond or debt security.
Issuer credit rating
This is the credit rating for the organisation issuing the bond or debt security.
Maturity
Maturity conditions description
Fraternal Bonds will mature and be payable as at a date on which the benefits payable under the corresponding Policy previously held by the Holder would have been payable (in most cases, upon the Holder’s death). Refer to the PDS for further details.
Rate
Rate calculation description
If the Board exercises its discretion to determine that no interest will be applied to the Fraternal Bonds for an Interest Period, the Interest Rate for that Interest Period (and any applicable Partial Interest Period for maturing Fraternal Bonds) will be 0%. If the Board does not exercise this discretion, the Interest Rate applying to the Fraternal Bonds will be: (a) For the Initial Interest Period – the Base Rate (1% per annum) with a Margin of 0%. (b) For each subsequent Interest Period - the Base Rate (being 1%) adjusted by a margin determined by the Board which can be positive or nil. The Board will determine the Margin as at each the Interest Rate Reset Date on a prudent basis, in accordance with its current Interest Rate Policy. (c) For any Partial Interest Period (until any new rate has been determined on the next Interest Rate Reset Date) - the same interest rate as that applying for the immediately preceding Interest Period.
Key documents
These are the most important documents that a provider is required to file about this investment.
Product disclosure statement
Before you invest in a product like a fund, you are given a PDS which has essential details about it and the company providing it. Here's more on how to read a PDS.
MUFS - Product Disclosure Statement.pdf
How this investment works, including about the provider, risks, costs and potential returns
Additional disclosure documents
These are more documents from the provider that can contain interesting information.
MUFS - Additional Financial Information.pdf
MUFS - Comparison of Policy Terms against Fraternal Bond terms.pdf
MUFS - Letter from Actuary on Conversion Values.pdf
MUFS - Interest Rate Policy.pdf
MUFS - Early Redemption Amount Discount Calculation and Examples.pdf
MUFS - Other Material Information relating to the Conversion Plan.pdf
MUFS - Estimated Expert Fees - Actuary.pdf
MUFS - Total Estimated Costs of Offer and Issue.pdf
Additional details
Issuer details
Name
MANCHESTER UNITY FRIENDLY SOCIETY
Type
Friendly Society
Industry
Financial/insurance
Website
NZBN
9429043040599
Credit rating
Not provided
Supervisor
Name
THE NEW ZEALAND GUARDIAN TRUST COMPANY LIMITED
Offer details
Date registered
22 February 2023
Date opened
02 March 2023
Closing date
01 May 2023
Continuous issue
No
Further payments may be required
Yes
Restrictions on transfer
Yes
Issuer can withhold, reduce, or delay payment
Yes
Convertible product
No
Intending to list
No
Schedule 1 exemption
No
FMA exemption
No
Reference numbers
Offer
OFR13487: OFFER OF FRATERNAL BONDS BY MANCHESTER UNITY FRIENDLY SOCIETY OPEN FOR ACCEPTANCE BY NEW ZEALAND RESIDENT FAB, IAB AND IAB ENDOWMENT POLICYHOLDERS
Next steps
Want to know more about this investment or how it compares to others? Have a look at its peers.
Product disclosure statement
Take a deeper dive into the PDS, which has essential details about this offer and the company providing it. Here's more on how to read a PDS.
Getting investment advice
Good advice is gold. Everyone can benefit from expert advice, provided the adviser has your interests at heart. Here's how to find one and key questions to ask.
Interested in investing in this offer? Visit the provider's website. manchesterunity.org.nz