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Tuesday 15 August 2017 by FIIG Research New issues list

New Issues

New issues for the period 9 August 2017 – 15 August 2017 including: African Development Bank, CNH Industrial, CBA, Kommunalbanken, Inter-American Development Bank, Pepper, Places for People Treasury, Royal Bank of Canada, Suncorp-Metway, Victoria Power Networks and Westpac

African Development Bank (AFDB)

AFDB priced an increase to its 2027 kangaroo bond on 9 August 2017.

Volume: A$50m
Outstanding in this line: A$350m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 101.143% (plus 0.179% accrued)
Issue yield: 3.165%
Margin to swap: 47bps/s-q
Margin to ACGB: 58.75bps/April 2027
Maturity date: 27 July 2027

CNH Industrial Capital Australia (CNH Capital)

CNH Capital issued a new, A$450m asset backed security on 11 August 2017.

Note class: A1
Tranche volume: A$122m
Tranche rating: A-1+ (S&P)
WAL: 0.5 years
Margin to swap: 58bps/3m BBSW
Initial credit support: 12.4%

Note class: A2
Tranche volume: A$272.2m
Tranche rating: AAA
WAL: 1.9 years
Margin to swap: 93bps/3m BBSW
Initial credit support: 12.4%

Note class: B
Tranche volume: A$13.5m
Tranche rating: AA
WAL: 2.5 years
Margin to swap: 170bps/3m BBSW
Initial credit support: 9.4%

Note class: C
Tranche volume: A$9.9m
Tranche rating: A
WAL: 2.5 years
Margin to swap: 230bps/ 3m BBSW
Initial credit support: 7.2%

Note class: SN
Tranche volume: A$32.4m
Tranche rating: NR
WAL: N/A
Margin to swap: ND
Initial credit support: N/A

Commonwealth Bank of Australia (CBA)

CBA issued a new, A1$bn one year domestic bond on 11 August 2017.

Volume: A$1bn
Outstanding in this line: A$1bn
Coupon type: FRN
Coupon rate: 3m BBSW +26bps
Issue/re-offer price: par
Margin to swap: 26bps/3m BBSW
Maturity date: 16 August 2018

Kommunalbanken Norway (KBN)

KBN priced an increase to its 2026 kangaroo bond on 8 August 2017.

Volume: A$40m
Outstanding in this line: A$425m
Coupon type: fixed
Coupon rate: 3%
Issue/re-offer price: 97.805%
Issue yield: 3.275%
Margin to swap: 60bps/s-q
Margin to ACGB: 74.5bps/April 2026
Maturity date 9 December 2026

Inter-American Development Bank (IADB)

IADB issued a new, A$125m kangaroo bond on 10 August 2017.

Volume: A$125m
Outstanding in this line: A$125m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 99.158%
Issue yield: 3.195%
Margin to swap: 45bps/s-q
Margin to ACGB: 50.75bps/May 2028

Maturity date: 22 February 2028

Pepper Australia (Pepper)

Pepper issued a new, A$500m debut I-prime securitisation on 11 August 2017.

Note class: A1-S
Tranche volume: A$164m
Tranche rating: AAA
WAL: 0.8 years
Margin to swap: 75bps/1m BBSW
Initial credit support: 20%

Note class: A1-L
Tranche volume: A$236m
Tranche rating: AAA
WAL: 3 years
Margin to swap: 130bps/1m BBSW
Initial credit support: 20%

Note class: A2
Tranche volume: A$60m
Tranche rating: AAA
WAL: 3 years
Margin to swap: 200bps/1m BBSW
Initial credit support: 8%

Note class: B
Tranche volume: A$14.5m
Tranche rating: AA
WAL: 3.4 years
Margin to swap: 250bps/1m BBSW
Initial credit support: 5.1%

Note class: C
Tranche volume: A$8.5m
Tranche rating: A
WAL: 3.4 years
Margin to swap: 315bps/1m BBSW
Initial credit support: 3.4%

Note class: D
Tranche volume: A$7.5m
Tranche rating: BBB
WAL: 3.4 years
Margin to swap: 415bps/1m BBSW
Initial credit support: 1.9%

Note class: E
Tranche volume: A$4.5m
Tranche rating: BB
WAL: 3.4 years
Margin to swap: ND
Initial credit support: 1%

Note class: F
Tranche volume: A$2.5m
Tranche rating: B
WAL: 3.3 years
Margin to swap: ND
Initial credit support: 0.5%
Note class: G
Tranche volume: A$2.5m

Places for People Treasury

PPT issued a new, A$150m domestic bond on 11 August 2017.

Volume: A$150m
Outstanding in this line: A$150m
Coupon type: fixed
Coupon rate: 4%
Issue/re-offer price: 99.084%
Issue yield: 4.205%
Margin to swap: 190/s-q
Maturity date: 22 August 2022

Royal Bank of Canada Sydney Branch (RBC)

RBC issued a new, A$600m benchmark bond on 10 August 2017.

Volume: A$600m
Total outstanding in this line: A$600m
Coupon type: FRN
Coupon rate: 3m BBSW+32bps
Issue/re-offer price: par
Margin to swap: 32bps/3m BBSW
Maturity date: 16 August 2018

Suncorp-Metway

Suncorp issued a new A$500m domestic bond on 10 August 2017.

Volume: A$500m
Outstanding in this line: A$500m
Coupon type: FRN
Coupon rate: 3m BBSW+97bps
Issue/re-offer price: par
Margin to swap: 97bps/3m BBSW
Maturity date 16 August 2018

Victoria Power Networks Finance (VPN)

VPN issued a new A$150m domestic bond on 10 August 2017.

Volume: A$150m
Outstanding in this line: A$150m
Coupon type: fixed
Coupon rate: 4%
Issue/re-offer price: 99.816%
Issue yield: 4.0225%
Margin to swap:130bps/s-q
Maturity date: 18 August 2027

Westpac

Westpac issued a new, A$350m Tier 2 domestic bond on 8 August 2017.

Volume: A$350m
Total outstanding in this line: A$350m
Coupon type: fixed
Coupon rate: 4.334%
Issue/re-offer price: par
Issue yield: 4.334%
Margin to swap: 183bps/s-q
Maturity date: 16 August 2029

Source: KangaNews/FIIG Securities

Please note that FIIG may not trade in all of the above securities, contact your FIIG representative for more information.

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