Wednesday 20 February 2019 by Facilitation New issues list

New Issues - 4 February to 15 February 2019

New issues for the week ending Friday 15 February 2019, including: CIBC, EIB, General Motors, KFW, Medallion, Mizuho Sydney, NAB, NPBS, Rentenbank, SAFA, WST.

Canadian Imperial Bank of Commerce Australia Branch (CIBC)
CIBC Australia prices A$675 million one-year FRN
Volume: A$675m
Total outstanding in the line: A$675m
Coupon type: FRN
Coupon rate: 3m BBSW +55bps
Issue/re-offer price: par
Margin to swap: 55bps/3m BBSW
Maturity date: 24 February 2020

European Investment Bank 
(EIB)
EIB prices A$300 million increase to August 2026 Kangaroo
Volume: A$300m
Total outstanding in the line: A$1.1bn
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 103.657%
Issue yield: 2.56%
Margin to swap: 48bps/s-q
Margin to ACGB: 60.75bps/April 2026
Maturity date: 17 August 2026

General Motors Financial Company 
(General Motors)
General Motors prints A$400 million four-year Kangaroo debut
Volume: A$400m
Total outstanding in the line: A$400m
Coupon type: fixed
Coupon rate: 3.85%
Issue/re-offer price: 99.78%
Issue yield: 3.91%
Margin to swap: 205bps/s-q
Maturity date: 21 February 2023

KfW Bankengruppe (KFW)
KFW prices A$200 million February 2022 Kangaroo tap
Volume: A$200m
Total outstanding in the line: A$2.45bn
Coupon type: fixed
Coupon rate: 5.5%
Issue/re-offer price: 109.639% (plus 0.182% accrued)
Issue yield: 2.13%
Margin to swap: 37bps/s-q
Margin to ACGB: 45.95bps/July 2022
Maturity date: 9 February 2022

Medallion 2014-1 Class A3-R (Medallion)
CommBank prices A$300 million RMBS refinancing
Note class: A3-R
Tranche volume: A$300m
Tranche rating: AAA/AAA
WAL: 3.6 years
Margin to swap: 100bps/1m BBSW 
Initial credit support: 16.4%

Mizuho Bank Sydney Branch (Mizuho Sydney)
Mizuho Sydney prices A$700 million three-year domestic deal
Volume: A$700m
Total outstanding in the line: A$700m
Coupon type: FRN
Coupon rate: 3m BBSW +91bps
Issue/re-offer price: par
Margin to swap: 91bps/3m BBSW
Maturity date: 21 February 2022

National Australia Bank (NAB)
NAB prices A$3 billion dual-tranche five-year deal
FRN tranche
Volume: A$2.6bn
Total outstanding in the line: A$2.6bn
Coupon type: FRN
Coupon rate: 3m BBSW +104bps
Issue/re-offer price: par
Margin to swap: 104bps/3m BBSW 

Fixed-rate tranche
Volume: A$400m
Total outstanding in the line: A$400m
Coupon type: fixed
Coupon rate: 2.9%
Issue/re-offer price: 99.861%
Issue yield: 2.93%
Margin to swap: 104bps/s-q
Maturity date: 26 February 2024

Newcastle Permanent Building Society (NPBS)
NPBS prices A$165 million two-year FRN
Volume: A$165m
Total outstanding in the line: A$165m
Coupon type: FRN
Coupon rate: 3m BBSW +110bps
Issue/re-offer price: par
Margin to swap: 110bps/3m BBSW
Maturity date: 26 February 2021

Rentenbank (Rentenbank)
Rentenbank prints A$50 million increase to May 2029 Kangaroo
Volume: A$50m
Total outstanding in the line: A$250m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 104.382%
Issue yield: 2.7075%
Margin to swap: 43bps/s-q
Margin to ACGB: 56.5bps/April 2029
Maturity date: 25 May 2029

South Australian Government Financing Authority (SAFA)
SAFA prices new A$750 million May 2030 syndicated transaction
Volume: A$750m
Total outstanding in the line: A$750m
Coupon type: fixed
Coupon rate: 2.75%
Issue/re-offer price: 98.708% (plus 0.653% accrued)
Issue yield: 2.885%
Margin to EFP: 75bps 
Margin to ACGB: 72.45bps/May 2030
Maturity date: 24 May 2030

WST 2019-1 (WST)
Westpac prints A$3 billion RMBS deal
Note class: A
Tranche volume: A$2.76bn 
Tranche rating: AAA/AAA
WAL: 3.5 years
Margin to swap: 108bps/1m BBSW 
Initial credit support: 8%

Note class: B
Tranche volume: A$240 million 
Tranche rating: NR/NR
WAL: 7.2 years
Margin to swap: ND 
Initial credit support: N/A

New issues for the week ending Friday 8 February 2019, including: BOQ, BNG, EUROFIMA, NWB, Q Card.

Bank of Queensland (BOQ)
BOQ prints A$50 million increase to March 2021 FRN
Volume: A$50m
Total outstanding in the line: A$150m
Coupon type: FRN
Coupon rate: 3m BBSW +98bps
Issue/re-offer price: 100.058% (plus 0.536% accrued)
Margin to swap: 95bps/3m BBSW
Maturity date: 10 March 2021

BOQ adds a second A$50 million increase to March 2021 FRN

Volume: A$50m
Total outstanding in the line: A$200m
Coupon type: FRN
Coupon rate: 3m BBSW +98bps
Issue/re-offer price: 100.058% (plus 0.536% accrued)
Margin to swap: 95bps/3m BBSW
Maturity date: 10 March 2021

BNG Bank (BNG)
BNG Bank increases April 2029 Kangaroo
Volume: A$25m
Total outstanding in the line: A$365m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 104.821% (plus 1.015% accrued)
Issue yield: 2.754%
Margin to swap: 55bps/s-q
Margin to ACGB: 66.75bps/April 2029
Maturity date: 26 April 2029

EUROFIMA (Eurofima)
EUROFIMA prints A$35 million tap to May 2029 Kangaroo
Volume: A$35m
Total outstanding in the line: A$135m
Coupon type: fixed
Coupon rate: 3.35%
Issue/re-offer price: 103.581% (plus 0.777% accrued)
Issue yield: 2.943%
Margin to swap: 62bps/s-q
Margin to ACGB: 74.8bps/April 2029
Maturity date: 21 May 2029

EUROFIMA (Eurofima)
EUROFIMA prices another tap to May 2029 Kangaroo
Volume: A$15m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 3.35%
Issue/re-offer price: 104.104% (plus 0.777% accrued)
Issue yield: 2.885%
Margin to swap: 62bps/s-q
Margin to ACGB: 74.25bps/April 2029
Maturity date: 21 May 2029 

NWB Bank (NWB)
NWB Bank increases May 2029 Kangaroo by A$30 million
Volume: A$30m
Total outstanding in the line: A$480m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 103.780% (plus 0.948% accrued)
Issue yield: 2.87%
Margin to swap: 57bps/s-q
Margin to ACGB: 68.5bps/April 2029
Maturity date: 2 May 2029

NWB Bank (NWB)
NWB Bank adds A$35 million to May 2029 Kangaroo
Volume: A$35m
Total outstanding in the line: A$515m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 104.574% (plus 0.957% accrued)
Issue yield: 2.782%
Margin to swap: 57bps/s/q
Margin to ACGB: 68.5bps/April 2029Maturity date: 2 May 2029

Q Card Trust (Q Card)
Pricing details on Q Card Trust’s credit-card refinancing

New Issues

Source: KangaNews

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