Tuesday 20 February 2018 by FIIG Research New issues list

New Issues

New issues for the period 14 February – 20 February 2018 including: AfDB, Bluestone, CBA, IFC, NWB and Manitoba

African Development Bank (AfDB)

AfDB priced an increase to its 2028 kangaroo bond on 15 February 2018.

Volume: A$125m
Total outstanding in the line: A$535m
Coupon type: fixed
Coupon rate: 3.35%
Issue/re-offer price: 99.28%
Issue yield: 3.4325%
Margin to swap: 44bps/s-q
Margin to ACGB: 50.25bps/May 2028
Maturity date: 8 August 2028

Bluestone Group (Bluestone)

Bluestone launched its residential mortgage backed securities transaction, the Sapphire XVIII 2018-1 Trust, on 19 February 2018. The transaction is expected to price on or before 21 February.

The Sapphire XVII 2018-1 Trust indicative structure and price guidance is as follows:


Tranche
Indicative volume Expected rating Weighted average life Credit support  Indicative price guidance (bps/1m BBSW)
A1 A$125m Aaa 2.1 years 50% 120 area
A2 A$50m
Aaa 2.1 years 30% 160 area
A3 A$29m
Aaa 2.1 years
18.4% 180 area
B A$24.75m
Aa2 3.6 years
8.5% ND
C A$6.5m
A2 3.6 years
5.9% ND
D A$5m
Baa2 3.6 years
3.9% ND
E A$4.5m
Ba2 3.6 years
2.1% ND
F A$2.5m
B2 3.6 years
1.1% 710 area
G A$1.5m
NR 2.3 years 0.5% 1,050 area
H A$1.25m
NR
4 years n/a ND
X1 A$6m
NR
1 year n/a 8.5%
X2 ND NR
ND n/a ND
Source: KangaNews

Commonwealth Bank of Australia (CBA)

CBA priced an increase to its 2028 domestic bond on 14 February 2018.

Volume: A$50m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re-offer price: 98.956% (plus 0.29% accrued)
Issue yield: 3.8775%
Margin to swap: 100bps/s-q
Margin to ACGB: 103.75bps/May 2028
Maturity date: 25 January 2028

CBA priced an increase to refinance its residential mortgage backed securities transaction, the Medallion 2013-1 notes, on 14 February 2018.

Note class: A3-R
Tranche volume: A$250m
Total deal volume: A$250m
Tranche rating: AAA/AAA
WAL: 3.2 years
Margin to swap: 80bps/1m BBSW
Initial credit support: 16.3%

International Finance Corporation (IFC)

IFC priced an increase to its 2027 kangaroo bond on 14 February 2018.

Volume: A$50m
Total outstanding in the line: A$650m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 99.484% (plus 1.116% accrued)
Issue yield: 3.2625%
Margin to swap: 41bps/s-q
Margin to ACGB: 44.25bps/November 2027
Maturity date: 18 October 2027

NWB Bank (NWB)

NWB priced an increase to its 2028 kangaroo bond on 13 February 2018.

Volume: A$40m
Total outstanding in the line: A$255m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 99.738%
Issue yield: 3.48%
Margin to swap: 54bps/s-q
Margin to ACGB: 60bps/May 2028
Maturity date: 17 July 2028

NWB priced an increase to its 2028 kangaroo bond on 14 February 2018.

Volume: A$30m
Total outstanding in the line: A$285m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 100.193%
Issue yield: 3.4275%
Margin to swap: 54bps/s-q
Margin to ACGB: 60.25bps/May 2028
Maturity date: 17 July 2028

NWB priced an increase to its 2028 kangaroo bond on 16 February 2018.

Volume: A$50m
Total outstanding in the line: A$335m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 99.393% (plus 0.4% accrued)
Issue yield: 3.52% 
Margin to EFP: 62bps 
Margin to ACGB: 61.5bps/May 2028
Maturity date: 17 July 2028

Province of Manitoba (Manitoba)

Manitoba priced an increase to its 2027 kangaroo bond on 12 February 2018.

Volume: A$15m
Total outstanding in the line: A$275m
Coupon type: fixed
Coupon rate: 3.6%
Issue/re-offer price: 101.326%
Issue yield: 3.435%
Margin to swap: 55bps/s-q
Margin to ACGB: 59bps/April 2027
Maturity date: 17 August 2027

Manitoba priced an increase to its 2027 kangaroo bond on 14 February 2018.

Volume: A$25m
Total outstanding in the line: A$300m
Coupon type: fixed
Coupon rate: 3.6%
Issue/re-offer price: 101.733%
Issue yield: 3.38%
Margin to swap: 55bps/s-q
Margin to ACGB: 59bps/April 2027
Maturity date: 17 August 2027

Manitoba issued a new, A$65m 10.5 year kangaroo bond on 15 February 2018.

Volume: A$65m
Total outstanding in the line: A$65m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 99.817%
Issue yield: 3.521%
Margin to swap: 55bps/s-q
Margin to ACGB: 60.4bps/May 2028
Maturity date: 15 February 2028

Source: KangaNews


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