New issues for the period 2 – 8 March 2016 including: CML Group issues fixed rate six year bond through FIIG Securities
CML Group (CML)
On 8 March, CML launched a new six year fixed rate bond, targeting A$25m. The deal’s lead manager is FIIG Securities.
Commonwealth Bank of Australia (CommBank)
CommBank priced a new residential mortgage backed securities (RMBS) transaction, Medallion Trust Series 2016-1 RMBS, on 2 March. The transaction’s total volume is A$1.575bn across three tranches.
Medallion Trust Series 2016-1 RMBS
| Note class | A1a | B | C |
| Tranche volume | A$1.449bn | A$94.5m | A$31.5m |
| WAL | 3.5 years | 5.1 years | 9.4 years |
| Margin to swap | 1m BBSW+140bps | ND | ND |
Credit Suisse Sydney Branch (Credit Suisse Sydney)
On 2 March, Credit Suisse Sydney priced a new dual tranche transaction with a total volume of A$500m. Both the fixed and floating tranche have a final legal maturity date of 9 March 2021.
Fixed rate
Volume: A$175m
Coupon rate: 4%
Issue yield: 4.14%
Margin to swap: 195bps/swap
Floating rate
Volume: A$325m
Coupon rate: 3m BBSW + 195bps
Issue/re-offer price: par
Margin to swap: 195bps/3m BBSW
Eurofima
Eurofima increased its existing fixed rate bond line by A$55m on 4 March.
Total outstanding in this line: A$450m
Coupon rate: 3.9%
Issue yield: 3.1625%
Maturity date: 19 December 2025
KfW Bankengruppe (KfW)
KfW priced a new fixed rate bond at 66 basis points (bps) over the Australian Commonwealth Government Bond (ACGB), on 4 March.
Volume: A$200m
Coupon rate: 3.2%
Issue yield: 3.2%
Maturity date: 11 September 2026
Volkswagon Financial Services Australia (VWFS)
On 4 March, VWFS priced a new asset backed securities (ABS) transaction. The dual tranche ABS deal has a total volume of A$531m.
Note class: A
Tranche volume: A$500m
WAL: 1.76 years
Margin to swap: 1m BBSW +170bps
Note class: B
Tranche volume: A$31m
WAL: 2.69 years
Margin to swap: 1m BBSW +265bps
Western Australian Corporation (WATC)
WATC priced a new floating rate note (FRN) deal on 2 March. The FRN was priced at 30bps over the 3m Bank Bill Swap Rate (3m BBSW).
Volume: A$750m
Coupon rate: 3m BBSW+30bps
Issue/re-offer price: par
Maturity date: 10 March 2021
Please note that FIIG may not trade in all of the above securities, contact your FIIG representative for more information.
Source: KangaNews, FIIG Securities