Tuesday 26 September 2017 by FIIG Research New issues list

New Issues

New issues for the period 20 September 2017 – 26 September 2017 including: BNG, Deutsche Bahn, EIB, Firstmac, NWB, OCBC, Ontario, Rentenbank, SGSP, WATC

BNG Bank (BNG)

BNG priced an increase to its 2027 kangaroo bond on 20 September 2017.

Volume: A$15m
Total outstanding in this line: A$690m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 99.996% (plus 0.666% accrued)
Issue yield: 3.5%
Margin to swap: 63bps/s-q
Margin to ACGB: 71bps/April 2027
Maturity date: 19 July 2027

Deutsche Bahn

Deutsche Bahn issued a new, A$600m inaugural dual tranche kangaroo bond on 21 September 2017.

Seven year tranche
Volume: A$425m
Total outstanding in this line: A$425m
Maturity date: 27 September 2024
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 99.748%
Issue yield: 3.541%
Margin to swap: 85bps/s-q
Margin to ACGB: 93.85bps/April 2024
Maturity date: 27 September 2024

10 year tranche
Volume: A$175m
Total outstanding in this line: A$175m
Maturity date: 27 September 2027
Coupon type: fixed
Coupon rate: 3.8%
Issue/re-offer price: 99.621%
Issue yield: 3.846%
Margin to swap: 95bps/s-q
Margin to ACGB: 99.85bps/November 2027
Maturity date: 27 September 2027

European Investment Bank (EIB)

EIB priced an increase to its 2028 kangaroo climate awareness bond on 20 September 2017.

Volume: A$125m
Total outstanding in this line: A$325m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 98.83%
Issue yield: 3.435%
Margin to swap: 54bps/s-q
Margin to ACGB: 57bps/May 2028
Maturity date: 3 February 2028

Firstmac

Firstmac issued a new, A$1bn in its second RMBS of 2017 on 22 September 2017. 

Note class Tranche volume Tranche rating (S&P/Fitch) WAL  Margin to swap  Initial credit support 
A1 A$850m AAA/AAA 3.0 years 114bps/1m BBSW
15%
A2 A$70m
AAA/AAA 4.0 years 140bps/1m BBSW
8%
AB A$56m
AAA/NR 5.0 years 175bps/1m BBSW
2.4%
B A$18m AA-/NR 5.0 years 225bps/1m BBSW
0.6%
C A$5m
A/NR 5.0 years 310bps/1m BBSW
0.1%
D A$1m
NR/NR 7.0 years ND N/A

 

NWB Bank (NWB)

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

Volume: A$175m
Total outstanding in this line: A$425m
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 2027

Oversea-Chinese Banking Corporation Sydney Branch (OCBC Sydney)

OCBC Sydney issued a new, A$300m three year floating rate note on 25 September 2017.

Volume: A$300m
Total outstanding in this line: A$300m
Coupon type: FRN
Coupon rate: 3m BBSW +60bps
Issue/re-offer price: par
Margin to swap: 60bps/3m BBSW
Maturity date: 6 October 2020

Province of Ontario (Ontario)

Ontario priced an increase to its 2027 kangaroo bond on 20 September 2017.

Volume: A$25m
Total outstanding in this line: A$315m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 99.661% (plus 0.59% accrued)
Issue yield: 3.5425%
Margin to swap: 70bps/s-q
Margin to ACGB: 75.75bps/April 2027
Maturity date: 27 January 2027

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

SGSP Australia Assets (SGSP)

SGSP issued a new, A$250m seven year domestic bond on 21 September 2017.

Volume: A$250m
Total outstanding in this line: A$250m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re-offer price: 99.074%
Issue yield: 3.9025%
Margin to swap: 120bps/s-q
Maturity date: 27 September 2024

Suncorp-Metway (Suncorp)

Suncorp priced and doubled the volume of its Apollo Series Trust 2017-2 on 21 September 2017.

The Apollo Series 2017-2 indicative and final deal structure is as follows:

Tranche Final volume (A$m) Indicative volume (A$m) Weighted average life (years) Final pricing (bp/1m BBSW) Official price guidance (bps/1m BBSW)  Initial price guidance (bps/1m BBSW)  Expected rating (S&P/Fitch)  Credit enhancement (%) 
A1 1380 690 3.0 101 103 area
low 100s  AAA/AAA  8
A2 30 15 3.0 125 135 area
135-140 area
 AAA/AAA  6
AB 32.25 16.125 5.7 155 155 area
155 area
 AAA/AAA  3.85
B 22.5 11.25 5.7 205 215 area
215 area
 AA/NR  2.35
C 17.25 8.625 5.7 280 290 area
290 area
 A/NR  1.2
D 8.25 4.125 5.7 370 380 area 380 area  BBB/NR  0.65
E  9.75  4.875  5.7  590  590 area  590 area  NR  N/A

Source: National Australia Bank

Western Australian Treasury Corporation (WATC)

WATC priced an increase to its 2026 benchmark bond on 20 September 2017.

Volume: A$1.4bn
Total outstanding in this line: A$2.925bn
Coupon type: fixed
Coupon rate: 3%
Issue/re-offer price: 96.977% (plus 1.303% accrued)
Issue yield: 3.39%
Margin to ACGB: 63bps/April 2026
Margin to EFP: 51bps
Maturity date: 21 October 2026

Source: KangaNews

 

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