New issues for the period 14 March – 20 March 2018 including: BTMU, IFC, KBN, MyState Bank, Nissan, Pepper, Pioneer Credit, Rentenbank
Bank of Tokyo-Mitsubishi UFJ Sydney (BTMU)
BTMU issued a new, A$650m dual tranche domestic bond on 14 March 2018.
FRN tranche
Volume: A$500m
Total outstanding in the line: A$500m
Maturity date: 20 March 2023
Coupon rate: 3m BBSW +98bps
Issue/re-offer price: par
Margin to swap: 98bps/3m BBSW
Maturity date: 20 March 2023
Fixed-rate tranche
Volume: A$150m
Total outstanding in the line: A$150m
Maturity date: 20 March 2023
Coupon rate: 3.4%
Issue/re-offer price: 99.84%
Issue yield: 3.435%
Margin to swap: 98bps/s-q
Maturity date: 20 March 2023
International Finance Corporation (IFC)
IFC priced an increase to its 2027 kangaroo bond on 14 March 2018.
Volume: A$200m
Total outstanding in the line: A$850m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 99.896% (plus 1.363% accrued)
Issue yield: 3.2125%
Margin to swap: 41bps/s-q
Margin to ACGB: 50.1bps/April 2027
Maturity date: 18 October 2027
Nissan Financial Services Australia (Nissan)
Nissan issued a new, A$200m three year domestic bond on 14 March 2018.
Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: fixed
Coupon rate: 3%
Issue/re-offer price: 99.843%
Issue yield: 3.055%
Margin to swap: 83bps/s-q
Margin to ACGB: 86.5bps/May 2021
Maturity date: 22 March 2021
MyState Bank (MyState)
| Tranche | Tranche volume | Tranche rating (S&P/Fitch) | Weighted average life | Margin to swap | Initial credit support |
| A1 | A$368m | AAA/AAA | 2.9 years | 103bps/1m BBSW | 8% |
| A2 | A$12m | AAA/AAA
| 5.2 years | 130bps/1m BBSW | 5% |
| AB | A$9.2m
| AAA/NR
| 5.2 years | 165bps/1m BBSW | 2.7% |
| B | A$6.2m
| AA/NR
| 5.2 years | 200bps/1m BBSW
| 1.15% |
| C | A$3.8m
| A+/NR | 5.2 years
| 290bps/1m BBSW
| 0.2% |
| D | A$0.8m
| NR/NR | 5.2 years
| 574bps/1m BBSW | N/A |
Source: KangaNews
Pepper Group (Pepper)
| Tranche | Volume | Expected rating (S&P/Moody's) | Weighted average life | Indicative price guidance (bps/1m BBSW) |
| A1-S | A$136.5m | AAA/Aaa | 0.9 years | 65 area |
| A1-a | A$210m | AAA/Aaa
| 2.7 years | 120 area |
| A1-u1 | US$113.5m
| A-1+/P-1
| 1 years | ND |
| A2 | A$91m
| AAA/Aaa
| 2.7 years
| 160 area |
| B | A$59.5m
| AA/NR
| 3.8 years
| 190-200 area |
| C | A$21m
| A/NR | 3.8 years
| ND |
| D | A$14m | BBB/NR | 3.8 years | ND |
| E | A$10.5m | BB/NR | 3.8 years | ND |
| F | A$7m | B/NR | 2.6 years | ND |
| G | A$7m | NR/NR | 5 years | ND |
Source: KangaNews
Pioneer Credit (Pioneer)
Pioneer issued a new, $40m four year domestic floating rate note on 14 March 2018.
Volume: A$40m
Total outstanding in the line: A$40m
Coupon type: FRN
Coupon rate: 3m BBSW +525bps
Issue/re-offer price: par
Margin to swap: 525bps/3m BBSW
Maturity date: 22 March 2022
Rentenbank
Rentenbank priced an increase to its 2028 kangaroo bond on 19 March 2018.
Volume: A$125m
Total outstanding in the line: A$750m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 100.533% (plus 1.473% accrued)
Issue yield: 3.1875%
Margin to swap: 42bps/s-q
Margin to ACGB: 49bps/May 2028
Maturity date: 12 April 2028
Source: KangaNews