Elders Finance has extended its on-market bid for Elders Hybrids by two weeks "to give small holders more time to consider the offer." Elders Ltd (the parent of Elders Finance) completed a A$102 million equity raising last month and announced that it would buy back Elders Finance's hybrids. The offer was to have closed at the end of last week but will now close on July 29. At the close of business last Friday Elders Finance was holding 72 per cent of the hybrids on issue. Assistant Treasurer Kelly O'Dwyer has been given responsibility for financial services in the new government. Prime Minister Malcolm Turnbull announced his new ministry yesterday. O'Dwyer, who had been Assistant Treasurer and Minister for Small Business since September 2015, loses small business but becomes Minister for Revenue and Financial Services. Michael McCormack is the new Minister for Small Business. Yesterday, the ASX-listed Yellow Brick Road announced the resignation of Matt Lawler, the chief executive officer of its wealth management business. YBR said Lawler would "effectively conclude his tenure with the business" on 30 September 2016. "Our wealth management business ... remains a strategic priority and we will continue to invest in the necessary resources to make it a core contributor of revenue to our business," Executive chairman Mark Bouris said. YBR made no comment as to why Lawler was moving on after five years in the role. Newcastle Permanent Building Society Limited, rated BBB+ by S&P and A2 by Moody's, is increasing the size of its existing Australian dollar April 2020 medium term notes. Sole lead manager is Westpac Institutional Bank. The transaction is expected to price today (19 July) subject to market conditions, according to bankers involved with the transaction. The issuer will also consider repurchases and switches against its MTN's due on 7 Nov 2016. Any notes repurchased would be cancelled, the company said. The rate of housing loans in arrears for Australian prime residential mortgage-backed securities increased for May, as measured by the Standard & Poor's Performance Index. The SPIN increased to 1.21 per cent in May, up from 1.14 per cent in April and 1.07 per cent a year earlier. Most of the increase in arrears was in category of 90-plus days overdue. The upward movements were in the bank categories, while "nonbank financial institutions" was the only sector to see a decline in arrears for May, S&P observed via a media release. The SPIN for nonconforming loans increased to 4.71 per cent in May, from 4.25 per cent a month earlier. This is low by historical standards and well below the peak of 17 per cent in 2009.