Briefs: PEP funds MoneyMe, BNK sub debt, big changes for NZ investors 29 September 2021 5:11AM Banking Day staff Briefs, Consumer lending, Debt capital markets, Property prices, Mortgages, Finance regulation Consumer finance company MoneyMe has secured a new source of funding, announcing an initial A$50 million funding commitment from private equity firm Pacific Equity Partners. The funding is through a secured four-year syndicated facility agreement. MoneyMe’s main source of funding is a warehouse, with Westpac providing the senior funding. BNK Banking Corp has priced a $14 million issue of tier 2 subordinated notes. BNK will pay a floating rate of 395 basis points over the bank bill swap rate on the 10-year (non-call five-year) notes. The group issued $10 million of subordinated notes earlier in the year at a much wider spread of 540 bps over swap. Faced with soaring rents, a raging housing market and renter resentment, the New Zealand government has released the details of its proposed law change to deter property investors by stopping them from deducting interest as an expense. However, to minimise the impact of the change on housing availability, landlords will still be able to claim interest on new builds as an expense for 20 years, if their compliance certificate was issued after March 2020. The proposed exemption would apply for the initial purchaser of the new property and for any subsequent owners.