Tuesday 15 May 2018 by FIIG Research New issues list

New Issues

New issues for the period 9 May – 15 May 2018 including: EIB, Goldman Sachs, NAB, NTTC, OKB, Quebec, Resimac

European Investment Bank (EIB)

EIB priced an increase to its 2028 climate awareness bond on 9 May 2018.

Volume: A$150m
Total outstanding in the line: A$1.25bn
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 100.535% 
Issue yield: 3.235%
Margin to swap: 43bps/s-q
Margin to ACGB: 45.125bps/May 2028
Maturity date: 3 February 2028

Goldman Sachs Group (GS)

GS issued a new, A$625m multi tranche transaction on 9 May 2018.

Five-year fixed
Volume: A$200m
Total outstanding in this line: A$200m
Coupon rate: 3.6%
Issue/re-offer price: 99.694%
Issue yield: 3.6675%
Margin to swap: 120bps/s-q
Margin to ACGB: 145.25bps/April 2023
Maturity date: 16 May 2023

Five-year FRN
Volume: A$300m
Total outstanding in this line: A$300m
Coupon rate: 3m BBSW +120bps
Issue/re-offer price: par
Margin to swap: 120bps/3m BBSW
Maturity date: 16 May 2023

10-year fixed
Volume: A$125m
Total outstanding in this line: A$125m
Coupon rate: 4.5%
Issue/re-offer price: 99.900%
Issue yield: 4.5125%
Margin to swap: 168bps/s-q
Margin to ACGB: 172.5bps/May 2028
Maturity date: 16 May 2023

National Bank Australia (NAB)

NAB issued a new, A$2.7bn multi tranche domestic transaction on 8 May 2018.

Three-year FRN
Volume: A$750m
Total outstanding in the line: A$750m
Coupon rate: 3m BBSW +70bps
Issue/re-offer price: par
Margin to swap: 70bps/3m BBSW
Maturity date: 16 April 2021

Three-year fixed-rate
Volume: A$550m
Total outstanding in the line: A$550m
Coupon rate: 2.75%
Issue/re-offer price: 99.499% (plus 0.225% accrued)
Issue yield: 2.93%
Margin to swap: 70bps/s-q
Maturity date: 16 April 2021

Five-year FRN
Volume: A$1.4bn
Total outstanding in the line: A$1.4bn
Coupon rate: 3m BBSW +90bps
Issue/re-offer price: par
Margin to swap: 90bps/3m BBSW
Maturity date: 16 May 2023

Northern Territory Treasury Corporation (NTTC)

NTTC priced an increase to its 2028 syndicated line on 14 May 2018.

Volume: A$250m
Total outstanding in the line: A$750m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 100.834% (plus 0.287% accrued)
Issue yield: 3.4%
Margin to ACGB: 62.5bp/May 2028
Margin to EFP: 61bps
Maturity date: 21 April 2028

Oesterreichische Kontrollbank (OKB)

OKB issued a new, A$100m 10.5 year kangaroo bond on 8 May 2018.

Volume: A$100m
Total outstanding in the line: A$100m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 99.692% 
Issue yield: 3.335%
Margin to swap: 53bps/s-q
Margin to ACGB: 58.75bps/November 2028
Maturity date: 15 November 2028

Province of Québec (Québec)

Québec priced an increase to its 2028 kangaroo bond on 14 May 2018.

Volume: A$45m
Total outstanding in the line: A$160m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 99.256% 
Issue yield: 3.335%
Margin to swap: 50bps/s-q
Margin to ACGB: 55.25bps/November 2028
Maturity date: 18 October 2028

Resimac

Resimac launched its Premier Series 2018-1 prime residential mortgage backed securities transaction on 14 May 2018. It has an indicative total volume equivalent to A$750m, including the USD denominated Class A1 notes.

The Resimac Premier Series 2018-1 indicative price guidance and structure:

Class Indicative volume Expected rating (S&P/Fitch) Credit enhancement (per cent)  Weighted average life  Indicative price guidance (bps/1m BBSW) 
A1 US$210 AAA/AAA 10 1.8 years 85-90 area/1m US Libor
A2 A$288.75m AAA/AAA
10 2.7 years 110 area
A3a A$50m
AAA/AAA
10 5 years 3.71 per cent area, equivalent to 135
A3b A$62.5m
AAA/AAA
10 5 years 135 area
AB A$47.25m
AAA/NR 3.7 4.5 years 165 area
B A$11.25m
AA/NR 2.2 4.5 years
185-195 area
C A$7.5m
A/NR 1.2 4.5 years
275-285 area
D A$6m
BB/NR 0.4 4.3 years
575 area
E A$3m
NR/NR n/a 5 years ND

Source: KangaNews


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