New issues from 13 May - 19 May 2015 including: BNP Paribas dual tranche deal and Firstmac’s RMBS is priced
BNP Paribas Australia
The issuer priced a new benchmark transaction on 14 May with a total volume of A$650m across two tranches; fixed and floating.
Fixed rate tranche
Coupon rate: 3.75%
Issue yield: 3.79%
Maturity date: 21 May 2020
Floating rate tranche
Coupon rate: 110bps + 3m BBSW
Issue/re-offer price: par
Maturity date: 21 May 2020
Bank of Queensland (BOQ)
BOQ priced a new Tier 1 transaction on May 15 available to wholesale investors only at 435 basis points (bps) over 6 month bank bill swap (BBSW).
Coupon rate: 435bps + 6m BBSW
Issue/re-offer price: par
Mandatory conversion date: 26 May 2022
Export Development Canada (EDC)
On 14 May EDC priced its second tap to its 2019 bond line with a total outstanding amount of A$1.05bn at 51bps over the Australia Commonwealth Government Bond (ACGB).
Coupon rate: 3.5%
Issue yield: 2.6575%
Maturity date: 5 June 2019
On 15 May, Firstmac priced first prime residential mortgage backed securities (RMBS) of 2015. The transaction – Firstmac Mortgage Funding Trust No.4 Series 2015-1 – with a total volume of $1bn across seven tranches, increased from the indicative amount of $500m forecast last week.
Firstmac Mortgage Funding Trust No.4 Series 2015-1
| ||Class A-1 ||Class A-2 ||Class A-3 ||Class AB |
|Volume ||A$600m ||A$250m ||A$50m ||A$58m |
|WAL ||2.9 years ||3.6 years ||2.8 years ||5.5 years |
|Margin to swap ||1m BBSW+98bps ||1m BBSW+115bps ||1m BBSW+135bps ||1m BBSW+195bps |
| || || || || |
| ||Class B ||Class C ||Class D || |
|Volume ||A$27m ||A$6.6m ||A$6.6m || |
|WAL ||5.5 years ||5.5 years ||5.5 years || |
|Margin to swap ||1m BBSW+250bps ||1m BBSW+300bps ||1m BBSW+550bps || |
Source: KangaNews, FIIG Securities
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