Tuesday 15 August 2017 by FIIG Research New issues list

New Issues

New issues for the period 9 August 2017 – 15 August 2017 including: African Development Bank, CNH Industrial, CBA, Kommunalbanken, Inter-American Development Bank, Pepper, Places for People Treasury, Royal Bank of Canada, Suncorp-Metway, Victoria Power Networks and Westpac

African Development Bank (AFDB)

AFDB priced an increase to its 2027 kangaroo bond on 9 August 2017.

Volume: A$50m
Outstanding in this line: A$350m 
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 101.143% (plus 0.179% accrued)
Issue yield: 3.165%
Margin to swap: 47bps/s-q
Margin to ACGB: 58.75bps/April 2027
Maturity date: 27 July 2027

CNH Industrial Capital Australia (CNH Capital)

CNH Capital issued a new, A$450m asset backed security on 11 August 2017.

Note class: A1
Tranche volume: A$122m
Tranche rating: A-1+ (S&P)
WAL: 0.5 years
Margin to swap: 58bps/3m BBSW 
Initial credit support: 12.4%

Note class: A2
Tranche volume: A$272.2m
Tranche rating: AAA
WAL: 1.9 years
Margin to swap: 93bps/3m BBSW 
Initial credit support: 12.4%

Note class: B
Tranche volume: A$13.5m
Tranche rating: AA
WAL: 2.5 years
Margin to swap: 170bps/3m BBSW 
Initial credit support: 9.4%

Note class: C
Tranche volume: A$9.9m
Tranche rating: A
WAL: 2.5 years
Margin to swap: 230bps/ 3m BBSW 
Initial credit support: 7.2%

Note class: SN
Tranche volume: A$32.4m
Tranche rating: NR
WAL: N/A
Margin to swap: ND
Initial credit support: N/A

Commonwealth Bank of Australia (CBA)

CBA issued a new, A1$bn one year domestic bond on 11 August 2017.

Volume: A$1bn
Outstanding in this line: A$1bn
Coupon type: FRN
Coupon rate: 3m BBSW +26bps
Issue/re-offer price: par
Margin to swap: 26bps/3m BBSW
Maturity date: 16 August 2018

Kommunalbanken Norway (KBN)

KBN priced an increase to its 2026 kangaroo bond on 8 August 2017.

Volume: A$40m
Outstanding in this line: A$425m
Coupon type: fixed
Coupon rate: 3%
Issue/re-offer price: 97.805% 
Issue yield: 3.275%
Margin to swap: 60bps/s-q
Margin to ACGB: 74.5bps/April 2026
Maturity date 9 December 2026

Inter-American Development Bank (IADB)

IADB issued a new, A$125m kangaroo bond on 10 August 2017.

Volume: A$125m
Outstanding in this line: A$125m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 99.158% 
Issue yield: 3.195%
Margin to swap: 45bps/s-q
Margin to ACGB: 50.75bps/May 2028

Maturity date: 22 February 2028

Pepper Australia (Pepper)

Pepper issued a new, A$500m debut I-prime securitisation on 11 August 2017.

Note class: A1-S
Tranche volume: A$164m
Tranche rating: AAA
WAL: 0.8 years
Margin to swap: 75bps/1m BBSW
Initial credit support: 20%

Note class: A1-L
Tranche volume: A$236m
Tranche rating: AAA
WAL: 3 years
Margin to swap: 130bps/1m BBSW 
Initial credit support: 20%

Note class: A2
Tranche volume: A$60m 
Tranche rating: AAA
WAL: 3 years
Margin to swap: 200bps/1m BBSW 
Initial credit support: 8%

Note class: B
Tranche volume: A$14.5m 
Tranche rating: AA
WAL: 3.4 years
Margin to swap: 250bps/1m BBSW
Initial credit support: 5.1%

Note class: C
Tranche volume: A$8.5m
Tranche rating: A
WAL: 3.4 years 
Margin to swap: 315bps/1m BBSW
Initial credit support: 3.4%

Note class: D
Tranche volume: A$7.5m
Tranche rating: BBB
WAL: 3.4 years
Margin to swap: 415bps/1m BBSW 
Initial credit support: 1.9%

Note class: E
Tranche volume: A$4.5m
Tranche rating: BB
WAL: 3.4 years
Margin to swap: ND 
Initial credit support: 1%

Note class: F
Tranche volume: A$2.5m
Tranche rating: B
WAL: 3.3 years
Margin to swap: ND 
Initial credit support: 0.5%
Note class: G
Tranche volume: A$2.5m

Places for People Treasury

PPT issued a new, A$150m domestic bond on 11 August 2017.

Volume: A$150m
Outstanding in this line: A$150m
Coupon type: fixed
Coupon rate: 4%
Issue/re-offer price: 99.084% 
Issue yield: 4.205%
Margin to swap: 190/s-q
Maturity date: 22 August 2022

Royal Bank of Canada Sydney Branch (RBC)

RBC issued a new, A$600m benchmark bond on 10 August 2017.

Volume: A$600m
Total outstanding in this line: A$600m
Coupon type: FRN
Coupon rate: 3m BBSW+32bps
Issue/re-offer price: par
Margin to swap: 32bps/3m BBSW
Maturity date: 16 August 2018

Suncorp-Metway

Suncorp issued a new A$500m domestic bond on 10 August 2017.

Volume: A$500m
Outstanding in this line: A$500m
Coupon type: FRN
Coupon rate: 3m BBSW+97bps
Issue/re-offer price: par
Margin to swap: 97bps/3m BBSW
Maturity date 16 August 2018

Victoria Power Networks Finance (VPN)

VPN issued a new A$150m domestic bond on 10 August 2017.

Volume: A$150m
Outstanding in this line: A$150m
Coupon type: fixed
Coupon rate: 4%
Issue/re-offer price: 99.816% 
Issue yield: 4.0225%
Margin to swap:130bps/s-q
Maturity date: 18 August 2027

Westpac

Westpac issued a new, A$350m Tier 2 domestic bond on 8 August 2017.

Volume: A$350m
Total outstanding in this line: A$350m
Coupon type: fixed
Coupon rate: 4.334%
Issue/re-offer price: par
Issue yield: 4.334%
Margin to swap: 183bps/s-q
Maturity date: 16 August 2029

Source: KangaNews/FIIG Securities

Please note that FIIG may not trade in all of the above securities, contact your FIIG representative for more information. 

Get your free copy of The Benefits of Corporate Bonds eBook

Get a copy of The Benefits of Corporate Bonds eBook

Subscribe to The WIRE newsletter

Sign up to a free weekly newsletter to get the latest investment news.