Tuesday 19 June 2018 by FIIG Research New issues list

New Issues

New issues for the period 13 June – 19 June 2018 including: Metro Finance, NAB, Rentenbank, Westpac

Metro Finance

Metro Finance issued a new, A$300m asset backed securities transaction, Metro Finance 2018-1 Trust, on 14 June 2018. The collateral backing the transaction is made up of assets that are not mortgages over residential properties. The collateral underlying this transaction is made up of loans for motor vehicles and equipment that have a shorter tenor of five years compared to mortgages, which have 30 year maturities. 

Note class Tranche volume Tranche rating Weighted average life  Margin to swap  Initial credit support 
A A$237m Aaa 1.6 years ND 21%
B A$22.8m Aa2 2.3 years ND 13.4%
C A$10.5m A2 2.3 years ND 9.9%
D A$6.6m Baa2 2.3 years ND 7.7%
E A$11.1m Ba2 2.3 years ND 4%
F A$12m NR 2.3 years ND N/A

Source: KangaNews

NAB Trust Series (NAB)

NAB issued a new, A$200m low carbon shared portfolio transaction on 15 June 2018.

Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: FRN
Coupon rate: 3m BBSW +160bps
Issue/re-offer price: par
Margin to swap: 160bps/3m BBSW
Maturity date: 19 June 2028

Rentenbank

Rentenbank issued a new, A$200m 11 year kangaroo bond on 14 June 2018.

Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 99.61% (plus 0.235% accrued)
Issue yield: 3.2425%
Margin to swap: 42bps/s-q
Margin to ACGB: 50.25bps/April 2029
Maturity date: 25 May 2029

Westpac Banking Corporation (Westpac)

Westpac issued a new, A$725m domestic Tier 2 bond on 14 June 2018.

Volume: A$725m
Total outstanding in the line: A$725m
Coupon type: FRN
Coupon rate: 3m BBSW +180bps
Issue/re-offer price: par
Margin to swap: 180bps/3m BBSW

Maturity date: 22 June 2028

Source: KangaNews


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