Bond yields leap

Bond yields for PPCS leapt 4 percentage points late last month around the time the Otago meat exporter reported another ugly half year result.

The rise in yields in the 2 year bonds to 15.5 per cent from 11.5 per cent prompted a "please explain" from the stock exchange. The bonds have since eased back to 14.5 per cent.

In the three days before PPCS announced a $19.0 million pre-tax operating loss against a $7.3m loss a year earlier, there was a flurry of activity in the rarely traded bonds.

The rise in yield means investors selling the 9 per cent bonds on the secondary market would get only 91.6 per cent of their money back.