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Tuesday 19 May 2015 by FIIG Research New issues list

New Issues

New issues from 13 May - 19 May 2015 including: BNP Paribas dual tranche deal and Firstmac’s RMBS is priced

BNP Paribas Australia

The issuer priced a new benchmark transaction on 14 May with a total volume of A$650m across two tranches; fixed and floating.

Fixed rate tranche

Volume: A$225m
Coupon rate: 3.75%
Issue yield: 3.79%
Maturity date: 21 May 2020

Floating rate tranche

Volume: A$425m
Coupon rate: 110bps + 3m BBSW
Issue/re-offer price: par
Maturity date: 21 May 2020

Bank of Queensland (BOQ)

BOQ priced a new Tier 1 transaction on May 15 available to wholesale investors only at 435 basis points (bps) over 6 month bank bill swap (BBSW).

Volume: A$150m
Coupon rate: 435bps + 6m BBSW
Issue/re-offer price: par
Mandatory conversion date: 26 May 2022

Export Development Canada (EDC)

On 14 May EDC priced its second tap to its 2019 bond line with a total outstanding amount of A$1.05bn at 51bps over the Australia Commonwealth Government Bond (ACGB).

Volume: A$350m
Coupon rate: 3.5%
Issue yield: 2.6575%
Maturity date: 5 June 2019

Firstmac

On 15 May, Firstmac priced first prime residential mortgage backed securities (RMBS) of 2015. The transaction – Firstmac Mortgage Funding Trust No.4 Series 2015-1 – with a total volume of $1bn across seven tranches, increased from the indicative amount of $500m forecast last week.

Firstmac Mortgage Funding Trust No.4 Series 2015-1

	Class A-1	Class A-2	Class A-3	Class AB
Volume	A$600m	A$250m	A$50m	A$58m
WAL	2.9 years	3.6 years	2.8 years	5.5 years
Margin to swap	1m BBSW+98bps	1m BBSW+115bps	1m BBSW+135bps	1m BBSW+195bps

	Class B	Class C	Class D
Volume	A$27m	A$6.6m	A$6.6m
WAL	5.5 years	5.5 years	5.5 years
Margin to swap	1m BBSW+250bps	1m BBSW+300bps	1m BBSW+550bps

Source: KangaNews, FIIG Securities

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