Tuesday 28 April 2015 by FIIG Research New issues list

New Issues

New issues and updates for the week ending 28 April 2015

Credit Suisse Sydney Branch

On 23 April, Credit Suisse Sydney priced a new five year deal across a two tranches, fixed and floating with a total volume of A$1.25 bn. The maturity date is 29 April 2020.

Fixed

Volume: A$500m
Coupon rate: 3.50%
Issue yield: 3.5575%

Floating

Volume: A$750m
Coupon rate: 115bps + 3m BBSW
Issue/re-offer price: par

European Investment Bank (EIB)

EIB has priced a new fixed rate bond on 22 April over 5 years at 59.25bps over the Australian Commonwealth Government Bond (ACGB).

Volume: A$675m
Coupon rate: 2.50%
Issue yield: 2.6525%
Maturity date: 30 April 2020

Flexirent Capital

A subsidiary of FlexiGroup has priced a new asset-backed securities (ABS) issue on 24 April across six tranches called Flexi ABS Trust 2015-1.

Flexi ABS Trust 2015-1
Class A B C D
Volume A$157.5m A$12.6m A$12.6m A$$6.3m
WAL 1.5 years 1.9 years 1.9 years 1.9 years
Margin to swap 105bps+BBSW 145bps+BBSW ND ND
E F
A$8.4m A$12.6m
1.9 years 2.6 years
ND ND

KfW Bankengruppe

KfW has priced its forth increase to its 2025 fixed rate bond line on 23 April, adding A$150m.

Total outstanding in this line: A$1.2bn
Coupon rate: 4%
Issue yield: 2.9925%
Maturity date: 27 February 2025

Liberty Financial

On 23 April, Liberty Financial has priced a new residential mortgage-backed securities (RMBS) issue across eight tranches called Liberty Series 2015-1 RMBS.

Liberty Series 2015-1 RMBS
Class A1 A2 B C
Volume A$370.0m A$62.0m A$41.5m A$11.0m
WAL 2.2 years 2.2 years 3.8 years 3.8 years
Margin to swap 105bps+BBSW 135bps+BBSW ND ND
D E F G
A$5.5m
A$3.5m
A$2.5m A$4.0m
3.8 years 3.8 years 3.8 years 4.0 years
ND ND ND ND

Pepper Australia

On 24 April, Pepper Australia priced a new RMBS issue across eight tranches called Pepper Prime Private Placement 2015-1.

Pepper Prime Private Placement 2015-1
Class A1 A2 B C
Volume A$280.0m A$29.5m A$11.5m A$11.0m
WAL 2.2 years 2.2 years 3.1 years 3.1 years
Margin to swap 110bps+BBSW 140bps+BBSW 200bps+BBSW ND
D E F G
A$7.5m
A$4.5m
A$3.0m A$3.0m
3.1 years 3.1 years 3.1 years 3.1 years
ND ND ND ND

Province of Québec

On 24 April, Québec added A$100m to its 2025 fixed rate bond priced at 65.75bps over the ACGB.

Total outstanding in this line: A$750m
Coupon rate: 4.20%
Issue yield: 3.1925%
Maturity date: 10 March 2025

Queensland Treasury Corporation (QTC)

On 23 April, QTC added A$750m to its 2023 bond line, priced at 56.5bps over the ACGB.

Total outstanding in this line: A$6.317bn
Coupon rate: 4.25%
Issue yield: 2.96%
Maturity date: 21 July 2023

Rentenbank

Rentenbank has added a second increase of A$150m to its 2022 bond line on 22 April.

Total outstanding in this line: A$550m
Coupon rate: 2.70%
Issue yield: 2.77%
Maturity date: 5 September 2022

Source: KangaNews, FIIG Securities

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