New issues and updates for the week ending 3 March 2015
BNG Bank
BNG Bank has added a further A$100m to its fixed bond line with a total outstanding of A$400m. The increase was released to the market a week ago.
Volume: A$100m
Coupon rate: 3.25%
Issue yield: 3.21%
Maturity date: 15 July 2025
Industrial Bank of Korea (IBK)
Last week, IBK priced its second Kangaroo bond issue, the first went to market in 2012. The fixed rate issue has a volume of A$350m with a term of five years.
Volume: A$350m
Coupon rate: 3.25%
Issue yield: 3.41%
Maturity date: 5 March 2020
Kommunalbanken Norway (KBN)
Last Thursday, KBN priced a new fixed rate deal in the Kangaroo market at 67.75bps over the Australian Commonwealth Government Bond (ACGB).
Volume: A$250m
Coupon rate: 2.6%
Issue yield: 2.625%
Maturity date: 4 September 2020
Macquarie Bank
Macquarie Bank, on February 26, priced a five year senior unsecured benchmark issue with a volume of A$1.5bn across two tranches, fixed and floating rate. The maturity date is 3 March 2020.
Fixed rate tranche
Volume: A$500m
Coupon rate: 3.25%
Issue yield: 3.3725%
Floating rate tranche
Volume: A$1bn
Coupon rate: 3m BBSW + 110bps
Issue/re-offer price: par
Nordic Investment Bank (NIB)
Yesterday, NIB priced an increase of A$200m to its 2020 line with a total outstanding of A$500m.
Volume: A$200m
Coupon rate: 2.70%
Issue yield: 2.465%
Maturity date: 4 February 2020
Oversea-Chinese Banking Corporation Sydney Branch (OCBC Sydney)
OCBC priced a new senior unsecured benchmark deal on February 27. The floating rate note issue has a total volume of A$300m.
Volume: A$300m
Coupon type: Floating rate note (FRN)
Coupon rate: 3m BBSW+81bps
Maturity date: 6 June 2019
Rentenbank
Rentenbank priced a new fixed rate bond offer on February 26. The deal has a volume of $250m at 55.75bps over the ACGB.
Volume: A$250m
Coupon rate: 2.70%
Issue yield: 2.745%
Maturity date: 5 September 2022
South Australian Government Financing Authority (SAFA)
The SAFA has increased its fixed rate line by syndication last Thursday adding $500m in volume. The total outstanding is currently A$1.27bn.
Volume: A$500m
Coupon rate: 4.25%
Issue yield: 2.83%
Maturity date: 20 November 2023
Suncorp-Metway (Suncorp)
Suncorp priced its 2015 debut residential mortgage backed securities (RMBS) deal on February 26. The transaction is named Apollo Series 2015-1 Trust and has a total volume of A$1.25bn across five tranches.
| Class A | Class AB | Class B1 | Class B2 | Class B3 |
Volume | A$1.15bn | A$62.5m | A$30m | $4.875m | A$2.625m |
WAL | 3.1 years | 5.5 years | 5.5 years | 5.5 years | 5.5 years |
Margin to swap | 1m BBSW+90bps | 1m BBSW+175bps | 1m BBSW+230bps | 1m BBSW+310bps | 1m BBSW+500bps |
Volkswagen Financial Services (VWFS)
VWFS priced a new asset backed securities issue on 26 February named Driver Australia Two Trust. The total volume in this issue is A$436m across two tranches.
| Class A | Class B |
Volume | A$436m | A$27m |
WAL | 1.72 years | 2.62 years |
Margin to swap | 1m BBSW+75bps | 1m BBSW+135bps |
Source: KangaNews, FIIG Securities