Tuesday 14 August 2018 by FIIG Research New issues list

New Issues

New issues for the period 8 August - 15 August 2018 including: CNH, Commbank, HSBC Sydney, IFC, KBN, KfW, L-Bank, Liberty, NRW, NWB, Police Bank, SMBC, Toyota Australia, Resimac

CNH Industrial Capital Australia (CNH)

CNH priced its new, A$450m asset backed securities transaction, CNH 2018-1 on 9 August 2018.

CNH 2018-1 price guidance and structure:

Source: KangaNews

Commonwealth Bank of Australia (Commbank)

Commbank priced its new, A$3.5bn multi tranche three and five year domestic deal on 10 August 2018.

Three-year FRN
Volume: A$1.3bn
Total outstanding in the line: A$1.3bn
Coupon rate: 3m BBSW +73bps
Issue/re-offer price: par
Margin to swap: 73bps/3m BBSW
Maturity date: 16 August 2021

Three-year fixed
Volume: A$300m
Total outstanding in the line: A$300m
Coupon rate: 2.75%
Issue/re-offer price: 99.675% 
Issue yield: 2.864%
Margin to swap: 73bps/s-q
Maturity date: 16 August 2021

Five-year FRN
Volume: A$1.6bn
Total outstanding in the line: A$1.6bn
Coupon rate: 3m BBSW +93bps
Issue/re-offer price: par
Margin to swap: 93bps/3m BBSW
Maturity date: 16 August 2023

Five-year fixed
Volume: A$300m
Total outstanding in the line: A$300m
Coupon rate: 3.2%
Issue/re-offer price: 99.78%
Issue yield: 3.248%
Margin to swap: 93bps/s-q
Maturity date: 16 August 2023

HSBC Sydney

HSBC Sydney priced a new, A$1bn three year dual tranche deal on 9 August 2018.

FRN tranche
Volume: A$700m
Total outstanding in the line: A$700m
Coupon rate: 3m BBSW +73bps
Issue/re-offer price: par
Margin to swap: 73bps/3m BBSW
Maturity date: 16 August 2021

Fixed-rate tranche
Volume: A$300m
Total outstanding in the line: A$300m
Coupon rate: 2.75%
Issue/re-offer price: 99.472%
Issue yield: 2.935%
Margin to swap: 73bps/s-q
Maturity date: 16 August 2021

International Finance Corporation (IFC)

IFC priced a new, A$50m increase to its June 2029 kangaroo bond on 6 August 2018.

Volume: A$50m
Total outstanding in the line: A$200m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re-offer price: 99.383% (plus 0.413% accrued)
Issue yield: 3.2175%
Margin to swap: 41bps/s-q
Margin to ACGB: 53.5bps/April 2029
Maturity date: 26 June 2029

Kommunalbanken Norway (KBN)

KBN priced a new, A$150m April 2020 kangaroo tap on 8 August 2018.

Volume: A$150m
Total outstanding in the line: A$650m
Coupon type: fixed
Coupon rate: 6.5%
Issue/re-offer price: 110.406%
Issue yield: 2.4325%
Margin to swap: 33bps/s-q
Margin to ACGB: 35.25bps/May 2021
Maturity date: 12 April 2021

KfW Bankengruppe (KfW)

KfW priced a new, A$200m increase to its April 2020 kangaroo bond on 10 August 2018.

Volume: A$200m
Total outstanding in the line: A$2.9bn
Coupon type: fixed
Coupon rate: 6%
Issue/re-offer price: 107.228%
Issue yield: 2.2825%
Margin to swap: 25bps/s-q
Margin to ACGB: 31.75bps/April 2020
Maturity date: 20 August 2020

L-Bank

L-Bank issued a new, A$50m April 2028 kangaroo bond on 9 August 2018.

Volume: A$50m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 101.726% 
Issue yield: 3.24%
Margin to swap: 53bps/s-q
Margin to ACGB: 58.875bps/May 2028
Maturity date: 11 April 2028

Liberty Financial (Liberty)

Liberty priced its new, A$450m SME-backed transaction, Liberty 2018-1 SME Trust on 9 August 2018.

Liberty 2018-1 price guidance and structure:
Source: KangaNews

NRW Bank (NRW)

NRW issued a new, A$20m May 2028 kangaroo tap on 10 August 2018.

Volume: A$20m
Total outstanding in the line: A$180m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 101.295% 
Issue yield: 3.2425%
Margin to swap: 65bps/s-q
Margin to ACGB: 72bps/May 2028
Maturity date: 8 May 2028

NWB Bank (NWB)

NWB issued a new, A$25m July 2028 kangaroo bond on 10 August 2018.

Volume: A$25m
Total outstanding in the line: A$900m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 101.745%
Issue yield: 3.2425%
Margin to swap: 54bps/s-q
Margin to ACGB: 62bps/May 2028
Maturity date: 17 July 2028

Police Bank

Police Bank issued a new, A$20m one year domestic FRN bond on 9 August 2018.

Volume: A$20m
Total outstanding in the line: A$20m
Coupon type: FRN
Coupon rate: 3m BBSW +80bps
Issue/re-offer price: par
Margin to swap: 80bps/3m BBSW
Maturity date: 16 August 2019

Sumitomo Mitsui Banking Corporation Sydney Branch (SMBC Sydney)

SMBC Sydney issued a new, A$700m two year bond on 9 August 2018.

Volume: A$700m
Total outstanding in the line: A$700m
Coupon type: FRN
Coupon rate: 3m BBSW +75bps
Issue/re-offer price: par
Margin to swap: 75bps/3m BBSW
Maturity date: 20 August 2020

Toyota Finance Australia (Toyota Australia)

Toyota Australia issued a new, A$600m dual tranche two year domestic deal on 8 August 2018.

FRN tranche
Volume: A$350m
Total outstanding in the line: A$350m
Coupon rate: 3m BBSW +65bps
Issue/re-offer price: par
Margin to swap: 65bps/3m BBSW
Maturity date: 14 August 2020

Fixed-rate tranche
Volume: A$250m
Total outstanding in the line: A$250m
Coupon rate: 2.7%
Issue/re-offer price: 99.878%
Issue yield: 2.763%
Margin to swap: 65bps/s-q
Maturity date: 14 August 2020

Resimac

Resimac priced tranches of its residential mortgage backed securities transaction, Bastille Trust Series 2018-1NC on 10 August 2018. The US dollar denominated A1 tranche is expected to price on 13 August 2018.

Bastille 2018-1NC price guidance and structure:
Source: KangaNews




Source: KangaNews

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