Kiwi investors out of pocket again?

Another investment meant for mum and dad investors may have turned sour.

New Zealand investors have put $30 million into Macquarie New Zealand Fortress Notes and it now appears the value of the notes has halved.

The fallout from the US sub-prime mortgage crisis was blamed, with bad loans causing the loss.

A report on radio station Newstalk ZB this morning said Macquarie Bank merely arranged the deal and does not guarantee the investment.

The report said the notes were issued in May 2005 at $1 each and are now valued at 48 cents.

Former National Party leader the Hon Jim McLay is the executive chairman of Macquarie (NZ) Ltd.

- NZHERALD STAFF