Tuesday 10 April 2018 by FIIG Research New issues list

New Issues

New issues for the period 29 March – 10 April 2018 including: AMP, CBA, HSBC, La Trobe, Liberty, NWB, ME Bank, Ontario, Volkswagen

AMP Bank (AMP)

AMP issued a new, A$300m two year domestic floating rate note on 4 April 2018.

Volume: A$300m
Total outstanding in the line: A$300m
Coupon type: FRN
Coupon rate: 3m BBSW +70bps
Issue/re-offer price: par
Margin to swap: 70bps/3m BBSW
Maturity date: 9 April 2020

Commonwealth Bank of Australia (CBA)

CBA issued a new, A$1.365bn capital notes transaction on 9 April 2018.

Volume: A$1.365bn
Total outstanding in the line: A$1.365bn
Coupon rate: 3m BBSW +340bps
Issue/re-offer price: par
Margin to swap: 340bps/3m BBSW
Optional call date: 15 April 2025

HSBC Bank Australia (HSBC)

HSBC priced an increase to its 2019 domestic floating rate note on 28 March 2018.

Volume: A$50m
Total outstanding in the line: A$150m
Coupon type: FRN
Coupon rate: 3m BBSW +40bps
Issue/re-offer price: 99.927%
Margin to swap: 45bps/3m BBSW
Maturity date: 6 August 2019

La Trobe Financial (La Trobe)

La Trobe issued its new, A$750m residential mortgage backed securities transaction, the La Trobe Financial Capital Markets Trust 2018-1, on 27 March 2018.

Tranche Tranche volume Tranche rating (S&P/Fitch) Weighted average life  Margin to swap Initial credit support
A1S A$150m AAA/Aaa 0.34 years 70bps/1m BBSW 30%
A1L A$375m AAA/Aaa 2.7 years 125bps/1m BBSW 30%
A2 A$133.5m
AAA/Aaa 2.7 years 165bps/1m BBSW
12.2%
B A$30m
AA/NR 3.7 years 200bps/1m BBSW
8.2%
C A$23.25m
A/NR 3.7 years
305bps/1m BBSW
5.1%
D A$16.5m
BBB/NR 3.7 years
405bps/1m BBSW
2.9%
E A$9.75m
BB/NR 3.7 years 605bps/1m BBSW
1.6%
F A$6.75m
B/NR 2.9 years 695bps/1m BBSW
0.7%
Equity A$5.25m
NR/NR N/A ND
N/A

Source: KangaNews

Liberty Financial (Liberty)

Liberty issued a new, A$150m three year domestic bond on 28 March 2018.

Volume: A$150m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 5.1%
Issue/re-offer price: 99.821%
Issue yield: 5.165%
Margin to swap: 300bps/s-q
Maturity date: 9 April 2021

NWB Bank (NWB)

NWB priced an increase to its 2028 kangaroo bond on 29 March 2018.

Volume: A$25m
Total outstanding in the line: A$590m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 102.048% (plus 0.781% accrued)
Issue yield: 3.214%
Margin to swap: 53bps/s-q
Margin to ACGB: 62.5bps/May 2028
Maturity date: 17 July 2028

NWB priced an increase to its 2028 kangaroo bond on 3 April 2018.

Volume: A$15m
Total outstanding in the line: A$605m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 102.104% (plus 0.791% accrued)
Issue yield: 3.2075%
Margin to swap: 53bps/s-q
Margin to ACGB: 62.75bps/May 2028
Maturity date: 17 July 2028

NWB priced an increase to its 2028 kangaroo bond on 3 April 2018.

Volume: A$15m
Total outstanding in the line: A$620m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 102.016%
Issue yield: 3.2175%
Margin to swap: 54bps/s-q
Margin to ACGB: 62.75bps/May 2028
Maturity date: 17 July 2028

ME Bank

ME Bank issued a new, A$250m three year domestic floating rate note on 5 April 2018.

Volume: A$250m
Total outstanding in the line: A$250m
Coupon type: FRN
Coupon rate: 3m BBSW +127bps
Issue/re-offer price: par
Margin to swap: 127bps/3m BBSW
Maturity date: 16 April 2021

Province of Ontario (Ontario)

Ontario issued a new, A$50m 10.5 year kangaroo bond on 5 April 2018.

Volume: A$50m
Total outstanding in the line: A$50m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 99.206%
Issue yield: 3.29%
Margin to swap: 52bps/s-q
Margin to ACGB: 61.5bps/November 2028
Maturity date: 12 October 2028

Volkswagen Financial Services (Volkswagen)

Volkswagen issued its new, A$699m asset backed securities transaction, the Driver Australia Five, on 6 April 2018.

Note class Tranche volume Tranche rating Weighted average life Margin to swap  Initial credit support
A A$661.5m AAA/AAA  1.78 years 93bps/1m BBSW  13%
B A$37.5m
A+/AA- 2.82 years 150ps/1m BBSW  8%

Source: KangaNews

Source: KangaNews


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