Continuous Disclosure: What Bonus Bond holders could get if they wait for the wind-up

Analysis has revealed what holding on to Bonus Bonds until the scheme is wound up could be worth. Photo / File

Bonus Bond holders are currently weighing up whether to cash in now or wait for the wind-up in the hopes of getting a bit extra back in the wash-up.

Weighing in on the cashing up now side is that you get the money now and can either spend it or invest it elsewhere - although figuring out where else to invest it in the current low interest rate environment is another challenge in itself.

Those who stick it out remain in the September and possibly October, (if the scheme doesn't wind up sooner) prize draws for the chance to win $1 million.

There is also the temptation to think there might be a big windfall coming as the scheme converts its assets to cash and divvies up the amount among the remaining bond-holders.

But a Forsyth Barr report has put a dampener on this potential return.

Analyst Matt Noland says once the $56m ANZ says it has in reserve is divided among the 1.3 million bond-holders it only worth 2c each and that's not even taking into account the cost of winding the scheme up.

"Rather ironically, though it's still a higher return than the average holder received in the last year."

Noland said Bonus Bond holders shouldn't mourn the loss of the scheme which has previously been declared a gravy train for the ANZ by fund managers and academics.

"For the thrill-seekers hoping to strike it lucky; buy a Lotto ticket. For the investors wishing to grow their wealth; the vast majority were better off elsewhere anyway."

Of course, retail brokers like Forsyth Barr and Craigs Investment Partners will be hoping some of the $3.25 billion also finds its way to it doors as bond holders seek help with where to put the money now.

Harmoney hitches ride to Laybuy success

The success of the listing of Kiwi buy now pay later company Laybuy has another Kiwi business hoping it will also be able to garner the enthusiasm of investors.

Harmoney, which is said to be mulling either an ASX-listing or private fund raising, is said to be kicking off its pitching to potential investors today, according to the Australian Financial Review's Street Talk column.

The online lender which earlier this year switched from peer-to-peer lending to funding its loans off its own balance sheet is believed to have added more meetings in the wake of Laybuy's success.

Laybuy listed on the ASX on Monday with its share jumping 45.4 per cent on its first day of trading.

Harmoney chief executive David Stevens. Photo / Supplied

Harmoney has hired Kiwi investment bank Jarden to help scope out its funding options.

An initial public offer is one option on the cards although Harmoney could instead choose to undertake a private fundraising round as it did in October last year, depending on the appetite of investors.

Last year it raised close to $47m through a combination of a series C funding round, which raised $25m from two investors - Australian private equity firm Kirwood Capital and a private institutional investor in New Zealand - and $21.9m through a corporate debt facility with an Australian investment fund.

Harmoney is said to be looking to raise A$60m ($65.2m) this time around with the money used to reinvest back into the business to grow its business in Australia which is still at an early stage.

Fintech companies have proved very popular with Australian investors in recent months although there are signs that sentiment could be turning with the share prices of Afterpay Zip and Sezzle taking a dip in the last week.