Wednesday 18 July 2018 by FIIG Research New issues list

New Issues

New issues for the period 10 July – 17 July 2018 including: ANZ, Columbus Capital, CBA, IADB, Mizuho, NWB, QTC

ANZ Banking Group (ANZ)

ANZ issued a new, A$2bn three year dual tranche domestic bond on 10 July 2018.

FRN tranche
Volume: A$1.6bn
Total outstanding in the line: A$1.6bn
Coupon rate: 3m BBSW +75bps
Issue/re-offer price: par
Margin to swap: 75bps/3m BBSW
Maturity date: 16 July 2021

Fixed rate tranche
Volume: A$400m
Total outstanding in the line: A$400m
Coupon rate: 2.95%
Issue/re-offer price: 99.979%
Issue yield: 2.9575%
Margin to swap: 75bps/s-q
Maturity date: 16 July 2021

Columbus Capital

Columbus Capital issued its residential mortgage backed securities transaction, Triton Trust No. 8 Bond Series 2018-1 on 13 July 2018. The deal has a total volume equivalent to A$700m including Class A1-US notes which are denominated in US dollars.

Triton Trust No. 8 Bond Series 2018-1 price guidance and structure:

Note class Tranche volume Tranche rating (S&P/Fitch) Weighted average life  Margin to swap Initial credit support
A1-MM A$71m AAA/AAA 0.3 years 80bps/1m BBSW 15% 
A1-US A$100m AAA/AAA 1.4 years 95bps/1m US Libor 15% 
A1-AU A$330m AAA/AAA
3 years 125bps/1m BBSW  15%
A1-5Y A$65m AAA/AAA
4.9 years 155bps/1m BBSW  15%
A2 A$35m AAA/AAA
4.2 years 165bps/1m BBSW 10% 
A3 A$28.7m AAA/AAA
4.2 years 175bps/1m BBSW  5.9%
AB  A$11.9m AAA/NR
 4.2 years 185bps/1m BBSW   4.2%
B A$14m AA/NR 4.2 years
193bps/1m BBSW  2.2% 
C  A$8.75m A+/NR  4.2 years 270bps/1m BBSW 
 .95%
D  A$2.8m  BBB+/NR  4.2 years 380bps/1m BBSW   .55%
E  A$1.75m  BB+/NR  3.3 years 580bps/1m BBSW    .30%
F A$2.1m   NR/NR  4.9 years 700bps/1m BBSW 
 N/A

Source: KangaNews

Commonwealth Bank of Australia (CBA)

CBA issued its Medallion 2013-2 Class A3-R residential mortgage backed securities notes on 11 July 2018.

Note class Tranche volume Tranche rating (S&P/Fitch) Weighted average life Margin to swap Initial credit support
A3-R A$400m AAA/AAA 3.78 years 95bps/1m BBSW 16.64%

Source: KangaNews

Inter-American Development Bank (IADB)

IADB issued a new, A$125m 11 year kangaroo bond on 13 July 2018.

Volume: A$125m
Total outstanding in the line: A$125m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re-offer price: 99.746% (plus 0.267% accrued) 
Issue yield: 3.1775%
Margin to swap: 41bps/s-q
Margin to ACGB: 54bps/April 2029
Maturity date: 26 June 2029

Mizuho Financial Group (Mizuho)

Mizuho issued a new, A$625m five year dual tranche sec-registered bond on 11 July 2018.

Fixed rate tranche
Volume: A$275m
Total outstanding in the line: A$275m
Coupon rate: 3.752%
Issue/re-offer price: par
Issue yield: 3.752%
Margin to swap: 140bps/s-q
Maturity date: 19 July 2023

FRN tranche
Volume: A$350m
Total outstanding in the line: A$350m
Coupon rate: 3m BBSW +140bps
Issue/re-offer price: par
Margin to swap: 140bps/3m BBSW
Maturity date: 19 July 2023

NWB Bank (NWB)

NWB priced an increase to its July 2028 kangaroo bond on 10 July 2018.

Volume: A$15m
Total outstanding in this line: A$825m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 101.975%
Issue yield: 3.2175%
Margin to swap: 51bps/s-q
Margin to ACGB: 59.25bps/May 2028
Maturity date: 17 July 2028

Queensland Treasury Corporation (QTC)

QTC priced an increase to its August 2030 syndicated bond on 10 July 2018.

Volume: A$1bn
Total outstanding in the line: A$2.75bn
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 101.88% (plus 1.373% accrued)
Issue yield: 3.31%
Margin to ACGB: 61.25bps/May 2030
Margin to EFP: 67bps
Maturity date: 21 August 2030

 

Source: KangaNews

 

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