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Tuesday 12 May 2015 by FIIG Research New issues list

New Issues

New issues from 6 May - 12 May 2015 including: Asciano Finance, CML Group and Firstmac

Asciano Finance (Asciano)

On 11 May, Asciano launched a 10 year debut deal with indicative pricing of 220 basis points (bps) over semi-quarterly swap.

CML Group (CML)

On 6 May, CML launched a new six year, senior secured issue. The planned A$25m floating rate note issue will pay a margin over bank bills of 540bps.

Firstmac readies its first RMBS for 2015

Firstmac’s first prime residential mortgage backed securities (RMBS) of 2015. The transaction – Firstmac Mortgage Funding Trust No.4 Series 2015-1 – has indicative volume of A$500m (US$395.6m) across eight tranches.

GPT Wholesale Office Fund (GWOF)

GWOF priced A$150m in its debut deal on Monday 11 May.

Settlement date: May 18 2015
Maturity date: May 18 2022
Volume: A$150 million (US$118.5 million)

Coupon type: fixed
Coupon rate: 4.00%
Issue/re-offer price: 98.843%
Issue yield: 4.1925%
Margin to swap: 135bp/s-q

Inter-American Development Bank (IADB)

On 11 May, IADB mandated a tap of A$350m to its February 2020 line. This is the third tap after A$500m in January and A$200m in February this year. Pricing was 50.75bps over Australian government bond.

Oesterreichische Kontrollbank (OKB)

On 12 May OKB priced the second increase of A$75m to its August 2025 line. Pricing was 67.5bps over Australian government bond.

Settlement date: 19 May 2015
Maturity date: 25 August 2025
Volume: A$75m (US$59.5m)

Coupon type: fixed
Coupon rate: 3.20%
Issue/re-offer price: 96.671% (plus 0.734% accrued)
Issue yield: 3.59%
Margin to ACGB: 61.75bp/April 2025

Province of Ontario

On 8 May, province of Ontario added $75m to its 2025 Kangaroo line.

Volume: A$75 million (US$59.3 million)
Total outstanding in this line: A$200 million
Coupon type: fixed
Coupon rate: 3.10%
Issue/re-offer price: 96.193%
Issue yield: 3.545%
Margin to ACGB: 69.5bp/April 2025

Rentenbank

Rentenbank priced the third increase of its January 2020 Kangaroo bond on May 7.

The line was first introduced at A$650 million (US$515.6 million) on 13 January 2015, and priced at 52.00 basis points over Australian government bond (ACGB).

The Bank then added A$150m priced at 49.75 basis points over ACGB and again in February for A$200m at 49 basis points over ACGB in March.

Volume: A$225m (US$179.7m)
Total outstanding in this line: A$1.225bn
Coupon type: fixed
Coupon rate: 2.70%
Issue/re-offer price: 99.529%
Issue yield: 2.8075%
Margin to ACGB: 48.25bps /April 2020

Wesfarmers

On 7 May, Wesfarmers priced a new fixed rate senior unsecured issue with indicative pricing of 95bps over semi-quarterly swap.

Fixed rate tranche
Volume: A$300m

Coupon rate: 3.66%
Issue/re-offer price: par
Issue yield: 3.66%
Margin to swap: 90bps/s-q

Floating rate tranche
Volume: A$200m
Coupon rate: 3m BBSW +90bps
Issue/re-offer price: par
Margin to swap: 90bps/3m BBSW

Source: KangaNews, FIIG Securities

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