New issues for the period 9 - 15 September including: Citi Australia and RedZed Lending Solutions priced new RMBS deals
China Construction Bank Sydney Branch (CCB Sydney)
On 10 September, CCB Sydney priced a new floating rate bond line at 115 bps over Bank Bill Swap Rate (BBSW).
Volume: A$400m
Coupon type: FRN
Coupon rate: 3m BBSW +115bp
Maturity date: 18 September 2018
Citibank Australia (Citi Australia)
On 11 September, Citibank Australia priced a residential mortgage-backed securities (RMBS) transaction, Securitised Australian Mortgage Trust 2015-1. The transaction is spread across three tranches.
| Class A | Class AB | Class B |
| Volume | A$1.15bn | A$37.5m | A$62.5m |
| WAL | 2.7 years | 3.6 years | 6.4 years |
| Margin to swap | 1m BBSW+98bps | Not disclosed | Not disclosed |
Inter-American Development Bank (IADB)
On 9 September, IADB added A$35m to its existing 2025 fixed rate bond line:
Total outstanding in this line: A$335m
Coupon rate: 2.75%
Issue yield: 3.335%
Maturity date: 30 October 2025
Municipality Finance (MuniFin)
MuniFin increased its existing 2026 bond line by A$50m on 9 September.
Total outstanding in this line: A$100m
Coupon rate: 3.5%
Issue yield: 3.4875%
Maturity date: 4 February 2026
Telstra Corporation (Telstra)
Telstra priced a new seven year fixed rate bond on 9 September at 130 bps over semi quarterly swap.
Volume: A$500m
Coupon rate: 4%
Issue yield: 4.0125%
Maturity date: 16 September 2022
RedZed Lending Solutions
On 10 September, RedZed Lending Solutions priced its first residential-mortgage back securities (RMBS) of this year across eight tranches. The RMBS is called RedZed Trust Series 2015-1 and has a total volume of A$250m.
| Class A-1 | Class A-2 | Class B | Class C | Class D | Class E | Class F | Class G |
| Volume | A$150.00m | A$47.00m | A$14.75m | A$14.00m | A$9.75m | A$6.25m | A$4.75m | A$3.50m |
| WAL | 1.9 years | 1.9 years | 3.6 years | 3.6 years | 3.6 years | 3.3 years | 1.1 years | 4.0 years |
| Margin to swap | 1m BBSW+120bps | 1m BBSW+150bps | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
*Please note that FIIG may not trade in the above securities, contact your FIIG Representative for more information.
Source: KangaNews, FIIG Securities