Tuesday 20 March 2018 by FIIG Research New issues list

New Issues

New issues for the period 14 March – 20 March 2018 including: BTMU, IFC, KBN, MyState Bank, Nissan, Pepper, Pioneer Credit, Rentenbank

Bank of Tokyo-Mitsubishi UFJ Sydney (BTMU)

BTMU issued a new, A$650m dual tranche domestic bond on 14 March 2018.

FRN tranche
Volume: A$500m
Total outstanding in the line: A$500m
Maturity date: 20 March 2023
Coupon rate: 3m BBSW +98bps
Issue/re-offer price: par
Margin to swap: 98bps/3m BBSW
Maturity date: 20 March 2023

Fixed-rate tranche
Volume: A$150m
Total outstanding in the line: A$150m
Maturity date: 20 March 2023
Coupon rate: 3.4%
Issue/re-offer price: 99.84%
Issue yield: 3.435%
Margin to swap: 98bps/s-q
Maturity date: 20 March 2023

International Finance Corporation (IFC)

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

Volume: A$200m
Total outstanding in the line: A$850m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 99.896% (plus 1.363% accrued)
Issue yield: 3.2125%
Margin to swap: 41bps/s-q
Margin to ACGB: 50.1bps/April 2027
Maturity date: 18 October 2027

Nissan Financial Services Australia (Nissan)

Nissan issued a new, A$200m three year domestic bond on 14 March 2018.

Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: fixed
Coupon rate: 3%
Issue/re-offer price: 99.843%
Issue yield: 3.055%
Margin to swap: 83bps/s-q
Margin to ACGB: 86.5bps/May 2021
Maturity date: 22 March 2021

MyState Bank (MyState)

Tranche Tranche volume Tranche rating (S&P/Fitch) Weighted average life  Margin to swap  Initial credit support 
A1 A$368m AAA/AAA 2.9 years 103bps/1m BBSW 8%
A2 A$12m AAA/AAA
5.2 years 130bps/1m BBSW 5%
AB A$9.2m
AAA/NR
5.2 years 165bps/1m BBSW  2.7%
B A$6.2m
AA/NR
5.2 years 200bps/1m BBSW
1.15%
C A$3.8m
A+/NR  5.2 years
290bps/1m BBSW
0.2%
D A$0.8m
NR/NR 5.2 years
574bps/1m BBSW  N/A

Source: KangaNews

Pepper Group (Pepper)

Tranche Volume Expected rating (S&P/Moody's) Weighted average life  Indicative price guidance (bps/1m BBSW)
A1-S A$136.5m AAA/Aaa 0.9 years 65 area
A1-a A$210m AAA/Aaa
2.7 years 120 area
A1-u1 US$113.5m
A-1+/P-1
1 years ND
A2 A$91m
AAA/Aaa
2.7 years
160 area
B A$59.5m
AA/NR
3.8 years
190-200 area
C A$21m
A/NR 3.8 years
ND
A$14m   BBB/NR  3.8 years  ND
E  A$10.5m  BB/NR  3.8 years  ND
F  A$7m  B/NR  2.6 years  ND
G  A$7m  NR/NR 5 years   ND

Source: KangaNews

Pioneer Credit (Pioneer)

Pioneer issued a new, $40m four year domestic floating rate note on 14 March 2018.

Volume: A$40m
Total outstanding in the line: A$40m
Coupon type: FRN
Coupon rate: 3m BBSW +525bps
Issue/re-offer price: par
Margin to swap: 525bps/3m BBSW
Maturity date: 22 March 2022

Rentenbank

Rentenbank priced an increase to its 2028 kangaroo bond on 19 March 2018.

Volume: A$125m
Total outstanding in the line: A$750m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 100.533% (plus 1.473% accrued)
Issue yield: 3.1875%
Margin to swap: 42bps/s-q
Margin to ACGB: 49bps/May 2028
Maturity date: 12 April 2028


Source: KangaNews


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