Tuesday 10 July 2018 by FIIG Research New issues list

New Issues

New issues for the period 4 July – 10 July 2018 including: AMP, ADB, Axsesstoday, Columbus, CBA, NextDC, SAFA

AMP Bank (AMP)

AMP issued a new, A$41m 2.5 year domestic bond on 4 July 2018.

Volume: A$41m
Total outstanding in the line: A$41m
Coupon type: fixed
Coupon rate: 2.99%
Issue/re-offer price: par 
Issue yield: 2.99%
Margin to swap: ND
Maturity date: 7 December 2020

Asian Development Bank (ADB)

ADB issues a new, A$150m 11 year kangaroo bond on 4 July 2018.

Volume: A$150m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 99.746%
Issue yield: 3.1275%
Margin to swap: 41bps/s-q
Margin to ACGB: 54bps/April 2029
Maturity date: 15 June 2029

Axsesstoday

Axsesstoday issued a new, A$55m five year simple corporate bond on 4 July 2018.

Volume: A$55m
Total outstanding in the line: A$55m
Coupon type: FRN
Coupon rate: 3m BBSW +490bps
Issue/re-offer price: par
Margin to swap: 490bps/3m BBSW
Maturity date: 20 July 2023

Columbus Capital (Columbus)

Columbus Capital began taking indications of interest for its residential mortgage backed securities transaction, Triton 2018-1. The deal has an indicative total volume equivalent to A$506.4m including Class A1-US notes which are denominated in US dollars.

Triton 2018-1 indicative price guidance and structure:

Tranche Indicative volume Expected ratings (S&P/Fitch) Weighted average life  Indicative price guidance
A1-MM A$46m AAA/AAA 0.4 years 70bps/1m BBSW
A1-US A$100m AAA/AAA 1.4 years 85bps/1m BBSW
A1-AU A$185m AAA/AAA
3 years 123bps/1m BBSW
A1-5Y A165m AAA/AAA
4.9 years 155bps/1m BBSW
A2 A$25m AAA/AAA
4.2 years 165bps/1m BBSW
A3 A$20.5m AAA/AAA
4.2 years 175bps/1m BBSW
AB  A$8.5m AAA/NR
 4.2 years 185bps/1m BBSW 
B A$10m AA/NR 4.2 years
high 100s area/1m BBSW
C  A$6.25m A/NR  4.2 years high 200s area/1m BBSW
D  A$2m  BBB/NR  4.2 years  high 300s area/1m BBSW
E  A$1.25m  BB/NR  3.3 years high 500s area/1m BBSW 
F A$1.5m   NR/NR  4.9 years  ND

Source: KangaNews

Commonwealth Bank of Australia (CBA)

CBA launched the A$400m refinancing of its Medallion 2013-2 Class A3-R residential mortgage backed securities notes on 9 July 2018. The self led deal is expected to price on or before 13 July 2018.

Tranche Indicative Volume Expected ratings (S&P/Fitch) Credit enhancement Weighted average life Indicative price guidance (bps/1m BBSW)
A3-R A$400m AAA/AAA 16.64% 3.78 years 95 area

Source: KangaNews

NextDC

NextDC issued a new, A$300m four year domestic bond on 4 July 2018.

Floating-rate tranche
Volume: A$200m
Total outstanding in the line: A$200m
Coupon rate: 3m BBSW +375bps
Issue/re-offer price: par
Margin to swap: 375bps/3m BBSW
Maturity date: 9 June 2022

Fixed-rate tranche
Volume: A$100m
Total outstanding in the line: A$100m
Coupon rate: 6%
Issue/re-offer price: par
Issue yield: 6%
Margin to swap: ND
Maturity date: 9 June 2022

South Australia Government Financing Authority (SAFA)

SAFA issued a new, A$1bn ten year syndicated transaction on 4 July 2018.

Volume: A$1bn
Total outstanding in the line: A$1bn
Coupon type: fixed
Coupon rate: 3%
Issue/re-offer price: 98.985% (plus 0.375% accrued)
Issue yield: 3.12%
Margin to ACGB: 54.25bps/May 2028
Margin to EFP: 53bps
Maturity date: 24 May 2028

Source: KangaNews


Get your free copy of The Benefits of Corporate Bonds eBook

Get a copy of The Benefits of Corporate Bonds eBook

Subscribe to The WIRE newsletter

Sign up to a free weekly newsletter to get the latest investment news.