New issues for the period 23 - 29 September including: Axsesstoday's announcement of the launch of a new floating rate note transaction with FIIG as the lead manager and more
Axsess announced the launch of a new A$20m floating rate note transaction on 25 September, priced at 650 bps over the 3 month Bank Bill Swap Rate (BBSW). FIIG is the lead manager for the deal – available to wholesale investors only.
On 29 September, EUROFIMA added A$50m to its existing 2025 fixed rate bond line.
Total outstanding in this line: A$320m
Coupon rate: 3.9%
Issue yield: 3.3225%
Maturity date: 19 December 2025
Lloyds Bank has tapped its existing 2025 fixed rate bond line, adding A$150m to the line on 24 September.
Total outstanding in this line: A$300m
Coupon rate: 4.25%
Issue yield: 4.3075%
Maturity date: 28 August 2025
Municipality Finance (Munifin)
On 24 September, Munifin priced an A$25m increase to its existing 2026 fixed rate bond line.
Total outstanding in this line: A$125m
Coupon rate: 3.5%
Issue yield: 3.330%
Maturity date: 4 February 2026
People’s Choice Credit Union (People’s Choice)
On 24 September, People’s Choice priced a new residential mortgage backed securities (RMBS) issue, Light Trust No.6. The issue is spread across six tranches with a total volume of A$500m.
Light Trust No.6
| ||Class A1 ||Class A2 ||Class AB ||Class B ||Class C ||Class D |
|Volume ||A$460m ||A$16.5m ||A$9.0m ||A$10.75m ||A$3.05m ||A$0.7m |
|WAL ||2.9 years ||2.9 years ||6.0 years ||6.0 years ||6.0 years ||6.0 years |
|Margin to swap ||1m BBSW+105bps ||1m BBSW+115bps ||1m BBSW+200bps ||1m BBSW+250bps ||1m BBSW+325bps ||1m BBSW+550bps |
QBE Insurance Group (QBE)
On 22 September, QBE priced a new floating rate note transaction at 400bps over 3 month BBSW.
Coupon rate: 3m BBSW + 400bps
Issue/reoffer price: par
Maturity date: 29 September 2040
First call date: 29 September 2020
*Please note that FIIG may not trade in the above securities, contact your FIIG Representative for more information.
Source: KangaNews, FIIG Securities