Tuesday 24 July 2018 by FIIG Research New issues list

New Issues

New issues for the period 18 July – 24 July 2018 including: AOFM, IADB, IFC, Pepper, RBC Sydney, TD Bank, UOB Sydney, Zurich

Australian Office of Financial Management (AOFM)

AOFM issued a new, A$3.6bn May 2041 syndicated bond on 17 July 2018.

Volume: A$3.6bn
Total outstanding in the line: A$3.6bn
Coupon type: fixed
Coupon rate: 2.75%
Issue/re-offer price: 94.46% (plus 0.501% accrued)
Issue yield: 3.09%
Margin to EFP: 42bps
Maturity date: 21 May 2041

Inter-American Development Bank (IADB)

IADB priced an increase to its May 2023 kangaroo bond on 17 July 2018.

Volume: A$150m
Total outstanding in the line: A$1bn
Coupon type: fixed
Coupon rate: 4%
Issue/re-offer price: 105.978%
Issue yield: 2.6675%
Margin to swap: 35bps/s-q
Margin to ACGB: 39.25bps/April 2023
Maturity date: 22 May 2023

International Finance Corporation (IFC)

IFC priced its A$150m short 11 year kangaroo bond on 18 July 2018.

Volume: A$150m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re-offer price: 99.632% (plus 0.258% accrued) 
Issue yield: 3.19%
Margin to swap: 41bps/s-q
Margin to ACGB: 54.25bps/April 2029
Maturity date: 26 June 2029

Pepper Group (Pepper)

Pepper launched its nonconforming and prime residential mortgage backed securities transaction, PRS 21 on 23 July 2018. The deal has an indicative total volume of $A700m equivalent, including the US dollar denominated Class A1-u notes. Pricing is expected on or before 27 July.

PRS 21 indicative price guidance and structure:

TrancheIndicative volumeExpected ratings (S&P/Moody's)Weighted average life Indicative price guidance
A1-sA$105mAAA/AAA
0.6 years85 area
A1-uUS$175mAAA/AAA
1.8 years90-95 area/1m US Libor
A1-aA$147mAAA/AAA
2.8 years140 area
A2A$99mAAA/AAA
3.8 years175-180 area
BA$51mAA/NR
3.8 years
low 200s area
CA$21.5mA/NR
3.8 years
310bps/1m BBSW
D A$15mBBB/NR3.8 years
410bps/1m BBSW 
EA$9.5mBB/NR3.6 years
610bps/1m BBSW 
F A$7mB/NR 2.6 years720bps/1m BBSW 
G A$7m NR/NR 5 yearsND 

Source: KangaNews

Royal Bank of Canada Sydney Branch (RBC Sydney)

RBC Sydney netted a, A$1.3bn in three year domestic floating rate bond on 18 July 2018.

Volume: A$1.3bn
Total outstanding in the line: A$1.3bn
Coupon type: FRN
Coupon rate: 3m BBSW +75bps
Issue/re-offer price: par
Margin to swap: 75bps/3m BBSW
Maturity date: 26 July 2021

Toronto Dominion Bank (TD Bank)

TD Bank priced its A$400m one year kangaroo floating rate bond on 23 July 2018.

Volume: A$400m
Total outstanding in the line: A$400m
Coupon type: FRN
Coupon rate: 3m BBSW +46bps
Issue/re-offer price: par
Margin to swap: 46bps/3m BBSW
Maturity date: 26 July 2019

United Overseas Bank Sydney Branch (UOB Sydney)

UOB Sydney priced its A$600m 3.5 year domestic floating rate bond on 17 July 2018.

Volume: A$600m
Total outstanding in the line: A$600m
Coupon type: FRN
Coupon rate: 3m BBSW +81bps
Issue/re-offer price: par
Margin to swap: 81bps/3m BBSW
Maturity date: 24 January 2022

Zurich Finance Australia

Zurich Australia issued a new, A$250m 20 year domestic deal on 18 July 2018.

Volume: A$250m
Total outstanding in this line: A$250m
Coupon type: fixed
Coupon rate: 4.5%
Issue/re-offer price: par
Issue yield: 4.5%
Margin to swap: ND
Maturity date: 26 July 2038

Source: KangaNews

 

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