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Tuesday 07 November 2017 by FIIG Research New issues list

New Issues

New issues for the period 31 October – 7 November 2017 including: AFDB, Bluestone, CBA, Colombus Capital, Eclipx, IFC, Latitude, Liberty, ME Bank, NAB, NTTC, OCBC, OKB, QTC, TCV

African Development Bank (AFDB)

AFDB priced an increase to its 2027 kangaroo bond on 31 October 2017.

Volume: A$50m
Total outstanding in the line: A$520m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 101.181%
Issue yield: 3.1575%
Margin to swap: 47bps/s-q
Margin to ACGB: 53bps/April 2027
Maturity date: 27 July 2027

AFDB priced an increase to its 2031 kangaroo green bond on 31 October 2017.

Volume: A$60m
Total outstanding in the line: A$115m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 100.747% (plus 1.406% accrued)
Issue yield: 3.4325%
Margin to swap: 50bps/s-q
Margin to ACGB: 57.25/April 2029
Maturity date: 15 December 2031

Bluestone Group (Bluestone)

Bluestone launched its new, A$300m residential mortgage backed security, the Sapphire XVII 2017-2 Trust, on 1 November 2017.

Colombus Capital (Colombus)

Colombus launched its new residential mortgage backed security transaction, the Triton 2017-2, on 6 November 2017, with pricing expected by 10 November. The forthcoming deal has indicative volume of A$400m.

The Triton 2017-2 indicative price guidance and structure is as follows:

Commonwealth Bank of Australia (CBA)

CBA priced an increase to its 2021 domestic floating rate note on 7 November 2017.

Volume: A$300m
Total outstanding in the line: A$2.1bn
Coupon type: FRN
Coupon rate: 3m BBSW +125bps
Issue/re-offer price: 101.993%
Margin to swap: 64bps/3m BBSW
Matuirty date: 12 July 2021

Eclipx Group (Eclipx)

Eclipx launched its new, A$351.5m asset backed security, the Turbo Series 2017-1 Trust, on 6 November 2017.

Latitude Finance Australia (Latitude)

Latitude is preparing its third asset backed securities (ABS) deal of 2017, and its first public personal loan backed ABS. The deal has an indicative aggregate volume of A$542.5m.

The Latitude Australia Personal Loans Series 2017-1 Trust indicative structure is as follows:

Liberty Financial (Liberty)

Liberty is preparing its fourth residential mortgage backed security (RMBS) transaction, the Liberty Series 2017-4 Trust. The forthcoming deal has an indicative volume of A$688.1m and will be Liberty’s second issue of euro denominated RMBS in 2017.

The Liberty Series 2017-4 Trust indicative structure is as follows:

International Finance Corporation (IFC)

IFC priced an increase to its 2027 kangaroo bond on 1 November 2017.

Volume: A$50m
Total outstanding in the line: A$350m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 100.084%
Issue yield: 3.19%
Margin to swap: 43bps/s-q
Margin to ACGB: 52.5bps/April 2027
Maturity date: 18 October 2027

ME Bank

ME Bank issued a new, A$300m three year floating rate note on 1 November 2017.

Volume: A$300m
Total outstanding in the line: A$300m
Coupon type: FRN
Coupon rate: 3m BBSW +125bps
Issue/re-offer price: par
Margin to swap: 125bps/3m BBSW
Maturity date: 9 November 2020

National Australia Bank (NAB)

NAB issued a new, A$2.25bn dual tranche domestic bond on 3 November 2017.

FRN tranche
Volume: A$1.85bn
Total outstanding in the line: A$1.85bn
Coupon yield: 3m BBSW +80bps
Issue/re-offer price: par
Margin to swap: 80bps/3m BBSW

Fixed tranche
Volume: A$375m
Total outstanding in the line: A$375m
Coupon rate: 3%
Issue/re-offer price: 99.744% (plus 0.75% accrued)
Issue yield: 3.0525%
Margin to swap: 80bps/s-q

Maturity date: 10 February 2023

Northern Territory Treasury Corporation (NTTC)

NTTC issued a new, A$155m domestic bond on 3 November 2017.

Volume: A$155m
Total outstanding in the line: A$155m
Coupon type: fixed
Coupon rate: 4.1%
Issue/re-offer price: 99.689% (plus 1.927% accrued)
Issue yield: 4.12%
Margin to ACGB: 95bps/June 2039
Maturity date: 21 November 2042

Oversea-Chinese Banking Corporation Sydney Branch (OCBC)

OCBC priced an increase on its domestic 2020 floating rate note on 30 October 2017.

Volume: A$200m
Total outstanding in this line: A$500m
Coupon type: FRN
Coupon rate: 3m BSW +60bps
Issue/re-offer price: 100.228% (inc. 0.195% accrued)
Margin to swap: 59bps/3m BBSW
Maturity date: 6 October 2020

Oesterreichische Kontrolbank (OKB)

OKB priced an increase to its 2027 kangaroo bond on 6 November 2017.

Volume: A$45m
Total outstanding in the line: A$100m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 102.066%
Issue yield: 3.25%
Margin to swap: 63bps/s-q
Margin to ACGB: 73.25bps/April 2027
Maturity date: 3 August 2027

Queensland Treasury Corporation (QTC)

QTC issued a new, A$150m of two private placements on 30 October 2017.

First tap
Volume: A$135m
Pricing date: 27 October 2017
Settlement date: 3 November 2017
Coupon type: fixed
Coupon rate: 4.2%
Issue/re-offer price: 98.666% (plus 0.856% accrued)
Issue yield: 4.28%
Margin to ACGB: 70bps/March 2047

Second tap
Volume: A$15m
Pricing date: 30 October 2017
Settlement date: 6 November 2017
Coupon type: fixed
Coupon rate: 4.2%
Issue/re-offer price: 100.163% (plus 0.89% accrued)
Issue yield: 4.19%
Margin to ACGB: 70bps/March 2047

Maturity date: 20 February 2047

Treasury Corporation of Victoria (TCV)

TCV issued a new, A$100m 30 year syndicated bond on 30 October 2017.

Volume: A$100m
Total outstanding in the line: A$100m
Coupon type: fixed
Coupon rate: 4%
Issue/re-offer price: 99.913%
Issue yield: 4.005%
Margin to ACGB: 51.25bps/March 2047
Maturity date: 6 November 2047

Source: KangaNews

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