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Tuesday 12 September 2017 by FIIG Research New issues list

New Issues

New issues for the period 6 August 2017 – 12 September 2017 including: AfDB, ADB, BoCom, Centuria, KommuneKredit, NWB, Rentenbank, SAFA, SMHL, Toyota Finance, TD Bank, Volkswagen and Westpac

African Development Bank (AfDB)

AfDB priced an increase to its 2027 kangaroo bond on 7 September 2017.

Volume: A$25m
Total outstanding in this line: A$410m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 101.346%
Issue yield: 3.14%
Margin to swap: 47bps/s-q
Margin to ACGB: 55bps/April 2027
Maturity date: 27 July 2027

Asian Development Bank (ADB)

ADB priced an increase to its 2027 kangaroo bond on 6 September 2017.

Volume: A$100m
Total outstanding in this line: A$650m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re-offer price: 102.713%
Issue yield: 3.0825%
Margin to swap: 45bps/s-q
Margin to ACGB: 54.5bps/April 2027
Maturity date: 10 September 2027

Bank of Communications Sydney Branch (BoCom Sydney)

BoCom Sydney issued a new, A$120m one year domestic bond on 8 September 2017.

Volume: A$120m
Total outstanding in this line: A$120m
Coupon type: FRN
Coupon rate: 3m BBSW +62bps
Issue/re-offer price: par
Margin to swap: 62bps/3m BBSW
Maturity date: 10 December 2018

Centuria Capital Group (Centuria)

Centuria priced an increase to its 2021 unrated bond on 7 September 2017.

Volume: A$25m
Total outstanding in this line: A$85m
Coupon type: fixed
Coupon rate: 7%
Issue/re-offer price: 101.5% (plus 2.375% accrued)
Issue yield: ND
Margin to swap: ND
Maturity date: 21 April 2021

KommuneKredit

KommuneKredit priced an increase to its 2026 kangaroo bond on 7 September 2017.

Volume: A$30m
Total outstanding in this line: A$615m
Coupon type: fixed
Coupon rate: 2.9%
Issue/re-offer price: 96.907%
Issue yield: 3.2925%
Margin to swap: 62bps/s-q
Margin to ACGB: 74.5bps/April 2026
Maturity date: 27 November 2026

NWB Bank (NWB)

NWB priced an increase to its 2027 kangaroo bond on 6 September 2017.

Volume: A$30m
Total outstanding in this line: A$225m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 101.541% (plus 0.523% accrued)
Issue yield: 3.315%
Margin to swap: 68bps/s-q
Margin to ACGB: 77.25bps/April 2027
Maturity date: 20 July 2027

Rentenbank

Rentenbank issued a new, A$100m kangaroo bond on 5 September 2017.

Volume: A$100m
Total outstanding in this line: A$100m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 99.931%
Issue yield: 3.2575%
Margin to swap: 50bps/s-q
Margin to ACGB: 54.75bps/May 2028
Maturity date: 12 April 2028

SMHL Series 2017-1 RMBS (SMHL)

SMHL issued a new, series 2017-1 RMBS on 1 September 2017.

The indicative deal structure is as follows:

Source: National Australia Bank, Kanganews

SMHL Series Securitisation Fund 2012-2 (SMHL)

SMHL issued a new, A$80m 2012-2 Trust A2-R notes refinancing on 6 September 2017.

Note class: A2R
Tranche volume: A$80m
Tranche rating: AAA/AAA
WAL: 2.0 years
Margin to swap: 93bps/1m BBSW
Initial credit support: 14.1%

South Australian Government Financing Authority (SAFA)

SAFA priced an increase to its 2022 select line on 6 September 2017.

Volume: A$500m
Total outstanding in this line: A$1.5bn
Coupon type: fixed
Coupon rate: 1.5%
Issue/re-offer price: 95.164% (plus 0.705% accrued)
Issue yield: 2.53%
Margin to EFP: 55bps
Maturity date: 22 September 2022

Toronto Dominion Bank (TD Bank)

TD Bank priced an increase to its 2018 kangaroo bond on 7 September 2017.

Volume: A$350m
Total outstanding in this line: A$1bn
Coupon type: FRN
Coupon rate: 3m BBSW +85bps
Issue/re-offer price: 100.542%
Margin to swap: 30bps/3m BBSW
Maturity date: 17 September 2018

Toyota Finance Australia (TFA)

TFA issued a new, A$100m one year floating rate note on 8 September 2017.

Volume: A$100m
Total outstanding in this line: A$100m
Coupon type: FRN
Coupon rate: 3m BBSW +26bps
Issue/re-offer price: par
Margin to swap: 26bps/3m BBSW
Maturity date 14 September 2018

Volkswagen Financial Services Australia (VWFS)

VWFS issued a new, A$325m dual tranche Reg S deal on 7 September 2017.

Fixed rate tranche
Volume: A$225m
Total outstanding in this line: A$225m
Coupon rate: 3.5%
Issue/re-offer price: 99.383%
Issue yield: 3.636%
Margin to swap: 130bps/s-q
Margin to ACGB: 142.6bps/July 2022

Floating rate tranche
Volume: A$100m
Total outstanding in this line: A$100m
Coupon rate: 3m BBSW +130bps
Issue/re-offer price: par
Margin to swap: 130bps/3m BBSW
Maturity date: 14 September 2022

Westpac Banking Corporation (Westpac)

Westpac issued a new, A$1.1bn one year domestic floating rate note on 6 September 2017.

Volume: A$1.1bn
Total outstanding in this line: A$1.1bn
Coupon type: FRN
Coupon rate: 3m BBSW +26bps
Issue/re-offer price: par
Margin to swap: 26bps/3m BBSW
Maturity date: 14 September 2018

Westpac priced an increase to its 2020 floating rate note on 11 September 2017.

Volume: A$800m
Total outstanding in this line: A$2.9bn
Coupon type: FRN
Coupon rate: 3m BBSW +108bps
Issue/re-offer price: 101.405% (plus 0.395% accrued)
Margin to swap: 61bps/3m BBSW
Maturity date: 28 October 2020

Source: KangaNews

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