Tuesday 29 May 2018 by FIIG Research New issues list

New Issues

New issues for the period 23 May – 29 May 2018 including: AFDB, BOQ, DBNGP, Pepper, QIC, Rentenbank, Zurich

African Development Bank (AFDB)

AFDB priced an increase to its 2028 kangaroo bond on 22 May 2018.

Volume: A$25m
Total outstanding in the line: A$560m
Coupon type: fixed
Coupon rate: 3.35%
Issue/re-offer price: 100.169% 
Issue yield: 3.33%
Margin to swap: 42bps/s-q
Margin to ACGB: 47.25bps/May 2028
Maturity date: 8 August 2028

Bank of Queensland (BOQ)

BOQ priced an upsized A$1bn residential mortgage backed transaction, Series 2018-1 REDS Trust, on 24 May 2018.

Note class Tranche volume Tranche rating Weighted average life  Margin to swap  Initial credit support
A1 A$920m AAA/AAA 2.8 years 105bps/1m BBSW
8%
A2 A$26m AAA/AAA 6.1 years 120bps/1m BBSW
5.4%
AB A$9.4m AAA/NR 6.1 years
150bps/1m BBSW
4.46%
B A$17.8m AA/NR 6.1 years
 170bps/1m BBSW  2.68%
C A$13.4m A/NR 6.1 years
240bps/1m BBSW 1.34%
D A$6.2m BBB/NR 6.1 years
330bps/1m BBSW 0.72%
E A$7.2m NR/NR 6.1 years
590bps/1m BBSW N/A

Source: KangaNews

DBNGP Finance (DBNGP)

DBNGP issued a new, A$350 seven year domestic bond on 22 May 2018.

Volume: A$350m
Total outstanding in the line: A$350m
Coupon type: fixed
Coupon rate: 4.225%
Issue/re-offer price: par 
Issue yield: 4.225%
Margin to swap: 150bp/s-q
Maturity date: 28 May 2025

Pepper Group (Pepper)

Pepper issued a new, A$550m residential mortgage backed transaction, I-Prime 2018-1 Trust, on 25 May 2018.

Note class Tranche volume Tranche rating Weighted average life  Margin to swap  Initial credit support 
A1-S A$165m AAA (S&P) 0.8 years 70bps/1m BBSW 20%
A1-L A$275m
AAA 3 years 120bps/1m BBSW
20%
A2 A$66m
AAA 3.7 years 165bps/1m BBSW
8%
B A$14.5m
AA 3.7 years
185bps/1m BBSW
5.36%
C A$11m
A 3.7 years
270bps/1m BBSW
3.36%
D A$7.5m
BBB 3.7 years
370bps/1m BBSW
2%
E A$5m
BB 3.7 years 570bps/1m BBSW
1.09%
F A$3m
B 3.7 years
670bps/1m BBSW
0.55%
G A$3m NR 4 years
ND N/A

Source: KangaNews

QIC Shopping Centre Fund (QIC)

QIC issued a new, A$200m 5.5 year domestic bond on 28 May 2018.

Volume: A$200m
Total outstanding in this line: A$200m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re-offer price: 99.84%
Issue yield: 3.7825%
Margin to swap: 128bps/s-q
Maturity date: 6 December 2023

Rentenbank

Rentenbank priced an increase to its 2028 kangaroo bond on 24 May 2018.

Volume: A$55m
Total outstanding in the line: A$805m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 99.976% 
Issue yield: 3.2525%
Margin to swap: 40bps/s-q
Margin to ACGB: 45.5bps/May 2028
Maturity date: 12 April 2028

Zurich Finance Australia (Zurich)

Zurich issued a new, A$350m five year debut domestic bond on 24 May 2018.

Volume: A$350m
Total outstanding in the line: A$350m
Coupon type: fixed
Coupon rate: 3.477%
Issue/re-offer price: par
Issue yield: 3.477%
Margin to swap: 98bps/s-q
Maturity date: 31 May 2023


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