Wednesday 24 October 2018 by Facilitation New issues list

New issues this week

New issues for the period 16 October – 17 October 2018 including: AFDB, Bank of Communications Sydney Branch, BFCM, BNG, Development Bank of Latin America, FIRSTMAC, Newcastle Permanent Building Society.

African Development Bank (AFDB)

On Wednesday 17 October, AFDB added A$25m to its August 2028 kangaroo.
Volume: A$25 million (US$17.8 million)
Total outstanding in the line: A$585 million
Coupon type: fixed
Coupon rate: 3.35%
Issue/re-offer price: 101.417%
Issue yield: 3.18%
Margin to swap: 42bp/s-q
Margin to ACGB: 47.85bp/May 2028

Maturity date: 8 August 2028


Bank of Communications Sydney Branch (BOCOM)

On Tuesday, 16 October 2018, BOCOM Sydney priced A$350m three year FRN.

Volume: A$350 million (US$249.4 million)
Total outstanding in the line: A$350 million
Coupon type: FRN
Coupon rate: 3m BBSW +105bp
Issue/re-offer price: par
Margin to swap: 105bp/3m BBSW

Maturity date: 25 October 2021

Banque Fédérative du Crédit Mutuel (BFCM)

On Tuesday, 16 October 2018, BFCM priced A$200m five year senior preferred kangaroo.

Volume: A$200 million (US$142.4 million)
Total outstanding in the line: A$200 million
Coupon type: FRN
Coupon rate: 3m BBSW +115bp
Issue/re-offer price: par
Margin to swap: 115bp/3m BBSW

Maturity date: 24 October 2023

BNG Bank (BNG)

On Friday, 19 October 2018, BNG Bank printed a new A$200m April 2029 kangaroo bond

Volume: A$200 million (US$142 million)
Total outstanding in this line: A$200 million
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 99.495% 
Issue yield: 3.3575%
Margin to swap: 53bp/s-q
Margin to ACGB: 62.75bp/April 2029

Maturity date: 26 April 2029

Development Bank of Latin America (CAF)

On Thursday 18 October 2018, CAF priced A$100m five-year kangaroo deal.

Volume: A$100 million (US$71.3 million)
Total outstanding in the line: A$100 million
Coupon type: fixed
Coupon rate: 3.4%
Issue/re-offer price: 99.749% 
Issue yield: 3.455%
Margin to swap: 105bp/s-q

Maturity date: 26 October 2023

Firstmac Mortgage Funding Trust No. 4 Series 3-2018

On Friday, 19 October 2018, FIRSTMAC priced an upsized A$1bn Residential Mortgage Backed Securities deal

Total deal volume: A$1 billion (US$709.6 million)

Note class: A-1
Tranche volume: A$850 million 
Tranche rating: AAA/AAA
WAL: 3.2 years
Margin to swap: 122bp/1m BBSW 
Initial credit support: 15%

Note class: A-2
Tranche volume: A$70 million 
Tranche rating: AAA/AAA
WAL: 3.9 years
Margin to swap: 155bp/1m BBSW 
Initial credit support: 8%

Note class: AB
Tranche volume: A$54 million
Tranche rating: AAA/NR
WAL: 5 years
Margin to swap: 190bp/1m BBSW
Initial credit support: 2.6%

Note class: B
Tranche volume: A$19.8 million
Tranche rating: AA-/NR
WAL: 5 years
Margin to swap: 210bp/1m BBSW 
Initial credit support: 0.62%

Note class: C
Tranche volume: A$5 million
Tranche rating: A/NR
WAL: 5 years
Margin to swap: 290bp/1m BBSW 
Initial credit support: 0.12%

Note class: D
Tranche volume: A$1.2 million
Tranche rating: NR/NR
WAL: 7 years
Margin to swap: ND 
Initial credit support: N/A

Newcastle Permanent Building Society

On Wednesday 17 October, NPBS prints A$50m in one year domestic FRN.

Volume: A$50 million (US$35.7 million)
Total outstanding in this line: A$50 million
Coupon type: FRN
Coupon rate: 3m BBSW +70bp
Issue/re-offer price: par
Margin to swap: 70bp/3m BBSW

Maturity date: 28 October 2019

Source: KangaNews

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