Tuesday 02 June 2015 by FIIG Research New issues list

New Issues

New issues from 27 May to 2 June 2015 including two new RMBS issues from La Trobe Financial and Westpac Banking Corporation

ANZ Banking Group (ANZ)

ANZ priced its debut green bond deal on 27 May, with a total of A$600m outstanding.

Volume: A$600m
Coupon rate: 3.25%
Issue yield: 3.385%
Maturity date: 3 June 2020

Australian Natural Proteins (AYP)

On 28 May, AYP announced plans for a senior-unsecured bond issue for up to A$50m. They are targeting a seven year fixed rate transaction with an indicative coupon of 7.5 per cent.

BNG Bank

On 29 May, BNG Bank added another A$50m to its July 2025 line with pricing of 69.5 basis points over the Australian Commonwealth Government Bond (ACGB).

Total outstanding in this line: A$675m
Coupon rate: 3.25%
Issue yield: 3.42%
Maturity date: 15 July 2025

Corporación Andina de Fomento (CAF)

The Latin American issuer announced its third issue to the market on 27 May. The 10 year line was priced at 165.25 basis points over the ACGB. The deal was upsized from A$100m to A$150m.

Volume: A$150m
Coupon rate: 4.5%
Issue yield: 4.5%
Maturity date: 5 June 2025

La Trobe Financial

On Friday, La Trobe Financial priced its second issue of residential mortgage backed securities (RMBS). The issue called La Trobe Financial Capital Markets Trust 2015-1 has a total volume of $250m across eight tranches.

La Trobe Financial Capital Markets Trust 2015-1

Class A1 Class A2 Class B
Volume A$162.5m A$44.5m A$14.5m
WAL 2.2 years 2.2 years 3.8 years
Margin to swap 115bp/1m BBSW 145bp/1m BBSW ND
Class C Class D Class E
Volume A$10.75m A$7.5m A$4.75m
WAL 3.8 years 3.8 years 3.8 years
Margin to swap ND ND ND
Class F Class Equity
Volume A$2.65m A$2.85m
WAL 2.4 years 4.0 years
Margin to swap ND ND

Western Australian Treasury Corporation (WATC)

On 27 May, WATC added A$500m to its 2025 benchmark bond. The total outstanding is now A$1.731bn at 63 bps over the ACGB. 

Volume: A$500m
Coupon rate: 5.00%
Issue yield: 3.485%
Maturity date: 23 July 2025

Westpac Banking Corporation (Westpac)

Westpac priced its residential mortgage backed securities (RMBS) deal on 28 May. The deal was upsized from provisional volume of A$750m to A$2.1bn.

Series 2015-1 WST Trust

Class A Class B Class C
Volume A$1.932b A$71.5m A$96.5m
WAL 2.9 years 5.7 years 5.7 years
Margin to swap 80bp/1m BBSW ND ND

Source: KangaNews, FIIG Securities


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