Tuesday 08 May 2018 by FIIG Research New issues list

New Issues

New issues for the period 2 May – 9 May 2018 including: ANZ, Aroundtown, BNG, FlexiGroup, KfW, Liberty, RACQ

ANZ Banking Group (ANZ)

ANZ issued a new, A$2.55bn five year dual tranche domestic bond on 2 May 2018.

FRN tranche
Volume: A$2bn
Total outstanding in the line: A$2bn
Coupon rate: 3m BBSW +90bps
Issue/re-offer price: par
Margin to swap: 90bps/3m BBSW

Fixed-rate tranche
Volume: A$550m
Total outstanding in the line: A$550m
Coupon rate: 3.35%
Issue/re-offer price: 99.829%
Issue yield: 3.3875%
Margin to swap: 90bps/s-q
Maturity date: 9 May 2023

Aroundtown

Aroundtown issued a new, A$250m seven year kangaroo bond on 4 May 2018.

Volume: A$250m
Total outstanding in this line: A$250m
Coupon type: fixed
Coupon rate: 4.5%
Issue/re-offer price: 98.98%
Issue yield: 4.6725%
Margin to swap: 200bps/s-q
Maturity date: 14 May 2025

BNG Bank (BNG)

BNG priced an increase to its 2028 kangaroo bond on 1 May 2018.

Volume: A$100m
Total outstanding in the line: A$1.035bn
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 99.675% (plus 1.012% accrued)
Issue yield: 3.3375%
Margin to swap: 53bps/s-q
Margin to ACGB: 58.25bps/May 2028
Maturity date: 17 July 2028

FlexiGroup

FlexiGroup launched its A$300m asset backed securities deal including green tranches, on 4 May 2018.

Tranche Tranche volume Tranche rating (Moody's/Fitch) Weighted average life  Margin to swap Initial credit support 
A1 A$100m P-1/F1+ 0.3 years 65bps/1m BBSW 22.5% 
A2 A$66.5m Aaa/AAA 1.5 years 107bps/1m BBSW
22.5%  
A2-G A$66m Aaa/AAA 1.5 years 107bps/1m BBSW
22.5%  
B-G A$15.3m Aa2/AA 1.7 years 165bps/1m BBSW
17.4% 
C A$17.7m A2/A 1.7 years
195bps/1m BBSW
11.5% 
D A$12m Baa2/BBB 1.7 years
280bps/1m BBSW
7.5% 
E A$7.5m Ba1/BB+ 1.7 years
490bps/1m BBSW
 5%
F A$15m NR/NR ND ND  N/A

Source: KangaNews

KfW Bankengruppe (KfW)

KfW priced an increase to its 2020 kangaroo bond on 4 May 2018.

Volume: A$150m
Total outstanding in this line: A$2.65bn
Coupon type: fixed
Coupon rate: 2.75%
Issue/re-offer price: 100.799%
Issue yield: 2.3225%
Margin to swap: 20bps/s-q
Margin to ACGB: 29.25bps/April 2020
Maturity date: 20 April 2020

Liberty Financial (Liberty)

Liberty priced an increase to its 2021 domestic bond on 30 April 2018.

Volume: A$75m
Total outstanding in the line: A$225m
Coupon type: fixed
Coupon rate: 5.1%
Issue/re-offer price: 99.56% (plus 0.348% accrued) 
Issue yield: 5.2625%
Margin to swap: 300bps/s-q
Maturity date: 9 April 2021

RACQ Bank (RACQ)

RACQ, on behalf of Members Banking Group, issued a new, A$55m two year floating rate note on 3 May 2018.

Volume: A$55m
Total outstanding in this line: A$55m
Coupon type: FRN
Coupon rate: 3m BBSW +110bps
Issue/re-offer price: par
Margin to swap: 110bps/3m BBSW
Maturity date: 11 May 2020

Source: KangaNews


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