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Monday 06 August 2018 by FIIG Research New issues list

New Issues

New issues for the period 1 August - 7 August 2018 including: CNH Australia, Dexus, ME Bank, Mercedes-Benz, Resimac

CNH Industrial Capital Australia (CNH Australia)

CNH Industrial Capital Australia began taking indications of interest for its asset backed securities (ABS) transaction, CNH Series 2018 – 1 on 2 August 2018.

CNH Series 2018 – 1 indicative price guidance and structure:

Source: KangaNews

Dexus Finance (Dexus)

Dexus issued a new, A$30m 20 year domestic bond on 3 August 2018.

Volume: A$30m
Total outstanding in the line: A$30m
Coupon type: fixed
Coupon rate: 4.7%
Issue/re-offer price: par
Issue yield: 4.7%
Margin to swap: ND
Maturity date: 10 August 2038

International Finance Corporation (IFC)

IFC priced an increase to its June 2029 kangaroo bond on 6 August 2018.

Volume: A$50m
Total outstanding in the line: A$200m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re-offer price: 99.383% (plus 0.413% accrued)
Issue yield: 3.2175%
Margin to swap: 41bps/s-q
Margin to ACGB: 53.5bps/April 2029
Maturity date: 26 June 2029

ME Bank

ME Bank priced its upsized, A$1.25bn SMHL 2018-2 residential mortgage backed securities deal, on 2 August 2018.

SMHL 2018-2 price guidance and structure:

Source: KangaNews

Mercedes-Benz Australia (Mercedes-Benz)

Mercedes-Benz issued a new, A$100m three year euro medium term note on 3 August 2018.

Volume: A$100m
Total outstanding in the line: A$100m
Coupon type: fixed
Coupon rate: 2.75%
Issue/re-offer price: 100.863%
Issue yield: 2.448%
Margin to swap: 64bps/s-q
Maturity date: 10 August 2021

Resimac

Resimac began taking indications of interest for its potential residential mortgage backed securities transaction, Bastille Trust 2018-1 (Bastille 2018-1) on 2 August 2018. The deal is expected to launch and price during the week commencing 6 August 2018.

Bastille 2018-1 price guidance and structure:

Source: KangaNews

Source: KangaNews

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