Tuesday 26 June 2018 by FIIG Research New issues list

New Issues

New issues for the period 19 June – 26 June 2018 including: AFG, AMP, NWB, Teachers Mutual

Australian Finance Group (AFG)

AFG issued a new, A$350m residential mortgage backed transaction, AFT 2018-1 Trust, on 20 June 2018.

Note class Tranche volume Tranche rating Weighted average life  Margin to swap  Initial credit support 
A1 A$65m AAA/AAA 0.4 years 70bps/1m BBSW 10%
A2 A$250m AAA/AAA 3 years 120bps/1m BBSW 10%
A3 A$14.7m AAA/NR
4.2 years 150bps/1m BBSW 5.8%
AB A8.75m AAA/NR 4.2 years 175bps/1m BBSW 3.3%
B A$5.075m AA/NR 4.2 years 195bps/1m BBSW 1.85%
C A$3.675m A/NR 4.2 years 290bps/1m BBSW 0.8%
D  A$1.225m  BBB/NR  4.2 years 390bps/1m BBSW  0.45% 
E A$0.875m BB/NR  4.2 years  620bps/1m BBSW   0.2%
 A$0.7m NR/NR   5 years  ND  N/A

Source: KangaNews

AMP Bank (AMP)

AMP issued a new, A$1bn residential mortgage backed transaction, Progress 2018-1, on 22 June 2018.

Note class Tranche volume Tranche rating Weighted average life  Margin to swap  Initial credit support 
A A$920m AAA/Aaa 2.9 years 112bps/1m BBSW 8%
AB A$54.5m AAA/NR 6 years 160bps/1m BBSW
2.55%
B A$15m AA/NR 6 years
180bps/1m BBSW
1.05%
C A$9.3m A/NR 6 years
260bps/1m BBSW
0.12%
D A$1.2m NR/NR 6 years
580bps/1m BBSW
N/A

Source: KangaNews

NWB Bank (NWB)

NWB priced an increase to its July 2028 kangaroo bond on 19 June 2018.

Volume: A$40m
Total outstanding in this line: A$810m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 102.048%  
Issue yield: 3.210%
Margin to swap: 52bps/s-q
Margin to ACGB: 59.5bps/May 2028
Maturity date: 17 July 2028

Teachers Mutual Bank (Teachers Mutual)

Teachers Mutual issued a new, A$200m domestic floating rate note on 25 June 2018.

Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: FRN
Coupon rate: 3m BBSW +137bps
Issue/re-offer price: par
Margin to swap: 137bps/3m BBSW
Maturity date: 2 July 2021

Source: KangaNews

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