Tuesday 11 September 2018 by FIIG Research New issues list

New Issues

New issues for the period 29 August – 5 September 2018 including:

Bank of Montreal (BMO)

BMO printed a new, A$1.55bn multi tranche senior kangaroo bond on 31 August 2018.

Three-year FRN
Volume: A$300m 
Total outstanding in this line: A$300m
Maturity: 7 September 2021
Coupon rate: 3m BBSW +77bps
Issue/re-offer price: par
Margin to swap: 77bps/3m BBSW

Five-year fixed
Volume: A$500m 
Total outstanding in this line: A$500m
Maturity: 7 September 2023
Coupon rate: 3.2%
Issue/re-offer price: 99.954% 
Issue yield: 3.21%
Margin to swap: 99bps/s-q

Five-year FRN
Volume: A$750m
Total outstanding in this line: A$750m
Maturity: 7 September 2023
Coupon rate: 3m BBSW +99bps
Issue/re-offer price: par
Margin to swap: 99bps/3m BBSW

Bank of Nova Scotia Australia Branch (BNS Australia)

BNS Australia printed a new, A$1.75bn multi tranche domestic deal on 30 August 2018.

Three-year FRN tranche
Volume: A$500m
Total outstanding in the line: A$500m
Maturity date: 7 September 2021
Coupon rate: 3m BBSW +76bps
Issue/re-offer price: par
Margin to swap: 76bps/3m BBSW

Five-year FRN tranche
Volume: A$1bn
Total outstanding in the line: A$1bn
Maturity date: 7 September 2023
Coupon rate: 3m BBSW +98bps
Issue/re-offer price: par
Margin to swap: 98bps/3m BBSW

Five-year fixed-rate tranche
Volume: A$250m
Total outstanding in the line: A$250m
Maturity date: 7 September 2023
Coupon rate: 3.2%
Issue/re-offer price: 99.782%
Issue yield: 3.2475%
Margin to swap: 98bps/s-q

Credit Union Australia (CUA)

CUA priced a, A$225m three year domestic floating rate note on 30 August 2018.

Volume: A$225m
Total outstanding in the line: A$225m
Coupon type: FRN
Coupon rate: 3m BBSW +125bps
Issue/re-offer price: par
Margin to swap: 125bps/3m BBSW

Maturity date: 6 September 2021

International Finance Corporation (IFC)

IFC priced a, A$300m increase to its August 2023 kangaroo bond on 30 August 2018.

Volume: A$300m
Total outstanding in the line: A$775m
Coupon type: fixed
Coupon rate: 4.25%
Issue/re-offer price: 107.646% (plus 0.231% accrued) 
Issue yield: 2.5925%
Margin to swap: 37bps/s-q
Margin to ACGB: 43.25bps/April 2023

Maturity date: 21 August 2023

Kommunalbanken Norway (KBN)

KBN priced its, A$450m five year kangaroo green bond on 28 August 2018.

Volume: A$450m
Total outstanding in the line: A$450m
Coupon type: fixed
Coupon rate: 2.7%
Issue/re-offer price: 99.768% 
Issue yield: 2.75%
Margin to swap: 45bps/s-q
Margin to ACGB: 55.25bps/April 2023

Maturity date: 5 September 2023

Macquarie University

Macquarie University priced its dual tranche A$250m sustainability bond on 29 August 2018.

10-year tranche
Volume: A$200m
Total outstanding in the line: A$200m
Maturity date: 7 September 2028
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 99.332% 
Issue yield: 3.58%
Margin to swap: 92bps/s-q

25-year tranche
Volume: A$50m
Total outstanding in the line: A$50m
Maturity date: 7 September 2043
Coupon type: fixed
Coupon rate: 4.5%
Issue/re-offer price: par
Issue yield: 4.5%
Margin to swap: ND

NWB Bank

NWB Bank priced its, A$20m 2028 kangaroo tap on 28 August 2018.

Volume: A$20m
Total outstanding in the line: A$985m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 102.12% 
Issue yield: 3.1975%
Margin to swap: 57bps/s-q
Margin to ACGB: 64.45bps/May 2028

Maturity date: 17 July 2028

OCBC Sydney

OCBC Sydney priced its, A$500m three year domestic floating rate note on 28 August 2018.

Volume: A$500m
Total outstanding in the line: A$500m
Coupon type: FRN
Coupon rate: 3m BBSW +72bps
Issue/re-offer price: par
Margin to swap: 72bps/3m BBSW

Maturity date: 6 September 2021

Optus Finance

Optus Finance priced its, A$500m five year domestic deal on 30 August 2018.

Volume: A$500m
Total outstanding in the line: A$500m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 99.783% 
Issue yield: 3.2975%
Margin to swap: 102bps/s-q

Maturity date: 6 September 2023

Sapphire XIX 2018 -2

Sapphire priced a A$300m residential mortgage backed security deal on 30 August 2018.

Note Class

Tranche volume

Tranche rating

Weighted Average Life

Margin to Swap

Initial credit support

A1

$135m

Aaa

2.2 years

135bps/1m BBSW

55%

A2a

A$75m

Aaa

1.3 years

175bps/1m BBSW

17.3%

A2b

A$38.1M

Aaa

4 years

205bps/1m BBSW

17.3%

B

A$29.7m

Aa2

3.5 years

245bps/1m BBSW

7.4%

C

A$6.9m

A2

3.5 years

325bps/1m BBSW

5.1%

D

A$6m

Ba2

3.5 years

425bps/1m BBSW

3.1%

E

A$4.8m

Ba2

3.5 years

615bps/1m BBSW

1.5%

F

A$2.1m

B1

2.4 years

715bps/1m BBSW

0.8%

G

A$2.4m

NR

4 years

ND

NA

 

Suncorp Group

Suncorp priced a A$600m wholesale subordinated floating rate note deal on 29 August 2018.

Volume: A$600m
Total outstanding in the line: A$600m
Coupon type: FRN
Coupon rate: 3m BBSW +215bps
Issue/re-offer price: par
Margin to swap: 215bps/3m BBSW

Maturity date: 5 December 2028

 

 

Source: KangaNews

 

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