Tuesday 06 February 2018 by FIIG Research New issues list

New Issues

New issues for the period 1 February – 7 February 2018 including: AfDB, AOFM, ABD, BNG, CCB, Emirates, EDC, KBN, NPBS, NAB, NTTC, QTC, Rentenbank, Suncorp 

African Development Bank (AfDB)

AfDB issued a new, A$360m 10.5 year kangaroo bond on 30 January 2018.

Volume: A$360m
Total outstanding in the line: A$360m
Coupon type: fixed
Coupon rate: 3.35%
Issue/re-offer price: 99.737%
Issue yield: 3.38%
Margin to swap: 45bps/s-q
Margin to ACGB: 51.75bps/May 2028
Maturity date: 8 August 2028

AfDB priced an increase to its 2028 kangaroo bond on 1 February 2018.

Volume: A$20m
Total outstanding in the line: A$380m
Coupon type: fixed
Coupon rate: 3.35%
Issue/re-offer price: 99.93%
Issue yield: 3.358%
Margin to swap: 45bps/s-q
Margin to ACGB: 51.75bps/May 2028

Maturity date: 8 August 2028

Australian Office of Financial Management (AOFM)

AOFM completed its 10th residential mortgage backed securities (RMBS) divestment auction on 30 January 2018, selling 100 per cent of the securities on offer. The total amortised face value sold was A$361.6m across five lines of RMBS originally issued by Bank of Queensland, Bendigo and Adelaide Bank, Macquarie Bank and Suncorp. 

AOFM 10th RMBS divestment auction results:

Line offered Volume offered Bids received Bids accepted Bid ratio  AOFM WAL  Weighted average margin accepted
Apollo 2010-1 A2 A$126.5m A$534.3m A$126.5m 4.22 1.5 76 bps/1m BBSW
Puma P-16 A3 A$91.3m A$408.9m A$91.3m 4.48 1.3 77 bps/1m BBSW 
Reds 2009-1 A1 A$81.9m A$523.8m
A$81.9m 6.40 1.5 80 bps/1m BBSW
Torrens 2010-1 A A$13.5m
A$107.7m A$13.5m
8.00 0.8 74 bps/1m BBSW
Torrens 2011-2 A2 A$48.4m
A$254.0m  A$48.4m 5.25 1.2 77 bps/1m BBSW

Source: KangaNews

BNG Bank (BNG)

BNG priced an increase to its 2028 kangaroo bond on 29 January 2018.

Volume: A$200m
Total outstanding in the line: A$630m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 98.026%
Issue yield: 3.5275%
Margin to swap: 60bps/s-q
Margin to ACGB: 68.25bps/May 2028
Maturity date: 17 July 2028

China Construction Bank Sydney Branch (CCB Sydney)

CCB Sydney priced an increase to its 2020 domestic floating rate note on 2 February 2018.

Volume: A$100m
Total outstanding in the line: A$400m
Coupon type: FRN
Coupon rate: 3m BBSW +91bps
Issue/re-offer price: 100.112% (plus 0.565%)
Margin to swap: 91bps/3m BBSW
Maturity date: 24 November 2020

Emirates NBD (Emirates)

Emirates issued a new, A$450m 10 year kangaroo bond on 1 February 2018.

Volume: A$450m
Total outstanding in this line: A$450m
Coupon type: fixed
Coupon rate: 4.75%
Issue/re-offer price: 99.646%
Issue yield: 4.795%
Margin to swap: 190bps/s-q
Maturity date: 9 February 2028

Export Development Canada (EDC)

EDC priced an increase to its 2022 kangaroo bond on 1 February 2018.

Volume: A$125m
Total outstanding in the line: A$875m
Coupon type: fixed
Coupon rate: 2.7%
Issue/re-offer price: 99.834%
Issue yield: 2.7375%
Margin to swap: 30bps/s-q
Margin to ACGB: 42.25bps/July 2022
Maturity date: 24 October 2022

Kommunalbanken Norway (KBN)

KBN priced an increase to its 2028 kangaroo bond on 2 February 2018.

Volume: A$50m
Total outstanding in the line: A$250m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re-offer price: 99.433% (plus 0.15%)
Issue yield: 3.465%
Margin to swap: 57bps/s-q
Margin to ACGB: 64.875bps/May 2028
Maturity date: 24 July 2028

National Bank Australia (NAB)

NAB launched its residential mortgage backed securities transaction, NRMBS 2018-1, on 5 February 2018. The deal has an indicative volume of A$750m with the potential to upsize to A$2bn. An indicative A$112.5m green tranche, class A1-G, is included in the structure.

NRMBS 2018-1 indicative price guidance and structure: 

Tranche Indicative volume Expected ratings (Moody's/Fitch) Weighted average life (years) Indicative price guidance 
A1-A A$577.5m Aaa/AAA 3 85-88 area
A1-G A$112.5m
Aaa/AAA 3 85-88 area
A2 A$26.25m
Aaa/AAA 5.7 120-125 area
B A$17.25m Aa2/NR 5.7
170-185 area
C A$6m
A2/NR 5.7
220-235 area
D A$5.25m
Baa2/NR 5.7
320-335 area
E A$3m
Ba2/NR 5.7
445-455 area
F A$2.25m
NR/NR 5.7 575 area

Source: KangaNews

Newcastle Permanent Building Society (NPBS)

NPBS issued a new, A$225m five year domestic floating rate note on 30 January 2018.

Volume: A$225m
Total outstanding in the line: A$225m
Coupon type: FRN
Coupon rate: 3m BBSW +140bps
Issue/re-offer price: par
Margin to swap: 140bps/3m BBSW
Maturity date: 6 February 2023

Northern Territory Treasury Corporation (NTTC)

NTTC priced an increase to its 2042 domestic bond on 30 January 2018.

Volume: A$70m
Total outstanding in the line: A$225m
Coupon type: fixed
Coupon rate: 4.1%
Issue/re-offer price: 98.124% (plus 0.872% accrued)
Issue yield: 4.2225%
Margin to ACGB: 90bps/June 2039
Maturity date: 21 November 2042

Queensland Treasury Corporation (QTC)

QTC issued a new, A$2.5bn dual tranche syndicated transaction on 30 January 2018.

FRN tranche
Volume: A$2bn
Total outstanding in the line: A$2bn
Coupon rate: 3m BBSW +14.5bps
Issue/re-offer price: par
Margin to swap: 14.5bps/3m BBSW
Maturity date: 7 February 2022

Fixed-rate tranche
Volume: A$500m
Total outstanding in the line: A$2.8bn
Coupon rate: 3.25%
Issue/re-offer price: 99.297% (plus 0.153% accrued)
Issue yield: 3.33%
Margin to EFP: +46bps
Margin to ACGB: 46.5bps/May 2028
Maturity date: 21 July 2028

Rentenbank

Rentenbank priced an increase to its 2028 kangaroo bond on 2 February 2018.

Volume: A$50m
Total outstanding in the line: A$575m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 99.269%
Issue yield: 3.335%
Margin to swap: 44bps/s-q
Margin to ACGB: 50bps/May 2028
Maturity date: 12 April 2028

Suncorp-Metway (Suncorp)

Suncorp issued a new, A$200m one year domestic floating rate note on 30 January 2018.

Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: FRN
Coupon rate: 3m BBSW +35bps
Issue/re-offer price: par
Margin to swap: 35bps/3m BBSW
Maturity date: 5 February 2019

Source: KangaNews


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