Tuesday 19 September 2017 by FIIG Research New issues list

New Issues

New issues for the period 13 September 2017 – 19 September 2017 including: Firstmac, IDB, IFC, La Trobe, Lloyds, Macquarie, ME Bank, Munifin, NWB, Qudos, Rentenbank, Suncorp, Westpac and World Bank

Firstmac

Firstmac launched a A$500m minimum prime residential mortgage backed securities (RMBS) transaction on 19 September 2017. The Firstmac Mortgage Funding Trust No. 4 Series 2017-2 is expected to price on 22 September 2017.

The Firstmac 2017-2 RMBS deal structure is as follows:

Class Volume (A$m) Rating (S&P/Fitch) WAL (years) Credit enhancement Official price guidance (bps/1m BBSW)  Initial price guidance (bps/1m BBSW) 
A1 425 AAA/AAA 3.0 15 114-115 (will price in range)
115 area
A2 35 AAA/AAA 4.0 8 145-150
145-150 area
AB 28 AAA/NR 5.0 2.4 170-180
170-180 area
B 9 AA-/NR 5.0 0.6 low 200s area
low 200s area
C 2.5 A/NR 5.0 0.1 low 300s area
low 300s area
D 0.5 NR/NR 7.0  N/A ND ND

Source: Arranger 19 September 2017

Inter-American Development Bank (IDB)

IDB priced an increase to its 2028 kangaroo bond on 14 September 2017.

Volume: A$45m
Total outstanding in this line: A$170m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 98.400% (plus 0.295% accrued)
Issue yield: 3.2825%
Margin to swap: 45bps/s-q
Margin to ACGB: 51.75bps/May 2028
Maturity date: 22 February 2028

International Finance Corporation (IFC)

IFC priced an increase to its 2027 kangaroo bond on 15 September 2017.

Volume: A$50m
Total outstanding in this line: A$300m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 99.444%
Issue yield: 3.265%
Margin to swap: 45bps/s-q
Margin to ACGB: 57bps/April 2027
Maturity date: 18 October 2027

La Trobe Financial Capital Markets Trust 2017-2 (La Trobe)

La Trobe priced an increase to its capital markets Trust 2017-2 on 13 September 2017.

Note class Tranche volume Tranche rating WAL (years)  Margin to swap Initial credit 
A1 A$286m AAA/Aaa 2.2 135bps/1m BBSW
45%
A2 A$78m
AAA/Aaa 2.2
175bps/1m BBSW
30%
A3 A$83.2m
AAA/Aaa
2.2
190bps/1m BBSW  14%
B A$37.4m NR/Aa1
3.8 240bps/1m BBSW
6.8%
C A$7.3m NR/A1
3.8
345bps/1m BBSW
5.4%
D A$10.4m
NR/Baa1
3.8
430bps/1m BBSW
3.4%
E A$6.8m 
NR/Ba1
3.8
610bps/1m BBSW
2.1%
F A$5.7m NR/B1 3.0 725bps/1m BBSW
1.0%
Equity  A$5.2m
NR/NR
4.1 years
ND N/A 


Lloyds Banking Group
(Lloyds)

Lloyds issued a new, A$650m dual tranche domestic bond on 13 September 2017.

Fixed-rate tranche
Volume: A$400m
Total outstanding in this line: A$400m
Coupon rate: 3.65%
Issue/re-offer price: 99.827%
Issue yield: 3.685%
Margin to swap: 130bps/s-q

Floating-rate tranche
Volume: A$250m
Total outstanding in this line: A$250m
Coupon rate: 3m BBSW +130bps
Issue/re-offer price: par
Margin to swap: 130bps/3m BBSW
Maturity date: 20 March 2023

Macquarie Bank (Macquarie)

Macquarie priced an increase to its 2018 domestic floating rate note on 13 September 2017.

Volume: A$25m
Total outstanding in this line: A$300m
Coupon type: FRN
Coupon rate: 3m BBSW +34bps
Issue/re-offer price: 100.004% (plus 0.074% accrued)
Margin to swap: 34bps/3m BBSW
Maturity date: 6 September 2018

ME Bank

ME Bank issued a new, A$1.5bn in SMHL Series securitisation fund 2017-1 RMBS on 14 September 2017. 

Note class Tranche volume  Tranche rating WAL (years) Margin to swap  Initial credit support
A A$1.38bn
AAA/Aaa
2.6
98bps/1m BBSW
8%
AB A$56.25m
AAA/NR
4.7 
155bps/1m BBSW
4.25%
B A$26.25m
AA/NR
4.7 215bps/1m BBSW
2.5%
C A$21m
A/NR
4.7 290bps/1m BBSW
1.1%
D A$7.5m
BBB/NR
4.7 380bps/1m BBSW
0.6%
E A$9m
NR/NR
4.7 590bps/1m BBSW
N/A


Municipality Finance
(MuniFin)

MuniFin priced an increase to its 2027 kangaroo bond on 14 September 2017.

Volume: A$20m
Total outstanding in this line: A$120m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re-offer price: 99.976%
Issue yield: 3.4025%
Margin to swap: 62bps/s-q
Margin to ACGB: 72.25bps/April 2027
Maturity date: 13 July 2027

NWB Bank (NWB)

NWB priced an increase to its 2027 kangaroo bond on 19 September 2017. 

Volume: A$125m
Total outstanding in this line: A$375m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 100.162%
Issue yield: 3.48%
Margin to swap: 64bps/s-q
Margin to ACGB: 72.75bps/April 2027
Maturity date: 20 July 2017

Qudos Mutual (Qudos)

Qudos issued a new, A$25m one year domestic floating rate note on 13 September 2017.

Volume: A$25m
Total outstanding in this line: A$25m
Coupon type: FRN
Coupon rate: 3m BBSW +90bps
Issue/re-offer price: par
Margin to swap: 90bps/3m BBSW
Maturity date: 20 September 2018

Rentenbank

Rentenbank priced an increase to its 2022 kangaroo bond on 18 September 2017.

Volume: A$50m
Total outstanding in this line: A$1.05bn
Coupon type: fixed
Coupon rate: 5.5%
Issue/re-offer price: 111.941%
Issue yield: 2.6725%
Margin to swap: 30bps/s-q
Margin to ACGB: 31.85bps/July 2022
Maturity date: 29 March 2022

Suncorp-Metway (Suncorp)

Suncorp launched its A$750m Apollo Series 2017-2 RMBS on 18 September 2017. The seven tranche transaction is expected to price on or before 22 September 2017.

The Suncorp 2017-2 RMBS deal structure is as follows: 

Tranche Indicative volume (A$m)
WAL (years) Official price guidance (bps/1m BBSW)
Initial price guidance (bps/1m BBSW)  Expected rating (S&P/Fitch)
A1 690 3.0 103 area
"low 100s"
AAA/AAA
A2 15 3.0 135 area
135-140 area
AAA/AAA
AB 16.125 5.7 155 area
155 area
AAA/AAA
B 11.25 5.7 215 area
215 area
AA/NR
C 8.625 5.7 290 area
290 area
A/NR
D 4.125 5.7 380 area
380 area
BBB/NR
E 4.875 5.7 590 area
590 area
NR

Source: National Australia Bank

Westpac Banking Corporation (Westpac)

Westpac priced an increase to its 2020 floating rate note on 11 September 2017.

Volume: A$800m
Total outstanding in this line: A$2.9bn
Coupon type: FRN
Coupon rate: 3m BBSW +108bps
Issue/re-offer price: 101.405% (plus 0.395% accrued)
Margin to swap: 61bps/3m BBSW
Maturity date: 28 October 2020

World Bank

World Bank issued a new, A$850m five year kangaroo bond on 13 September 2017.

Volume: A$850m
Total outstanding in this line: A$850m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re-offer price: 99.721%
Issue yield: 2.66%
Margin to swap: 33bps/s-q
Margin to ACGB: 44.5bps/July 2022
Maturity date: 20 September 2022

Source: KangaNews

145-150 area
145-150 area
215 area
590 area
590 area
590 area
290 area
290 area
290 area
A/NR

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