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Tuesday 23 June 2015 by FIIG Research New issues list

New Issues

New issues from 16 June to 23 June 2015 including an Australia first by a mutual bank - Heritage priced its new style Tier 2 issue

FlexiGroup

On 16 June, FlexiGroup issued its second asset backed securities (ABS) deal of 2015 called, Flexi ABS Trust 2015-2 with a total deal volume of A$285m across seven tranches.

Flexi ABS Trust 2015-2

	Class A1	Class A2	Class B	Class C
Volume	A$100m	A$125.1m	A$17.1m	A$12.85m
WAL	0.28 years	1.34 years	1.34 years	1.34 years
Margin to swap	50bp/1m BBSW	105bp/1m BBSW	145bp/1m BBSW	ND
	Class D	Class E	Class F
Volume	A$10m	A$5.7m	A$14.25m
WAL	1.34 years	1.34 years	1.34 years
Margin to swap	ND	ND	ND

Heritage Bank

On 16 June, Heritage Bank priced an Australia first – a new style Tier 2 floating rate note at a margin to swap of 350 basis points (bps) over the 3 month bank bill swap rate (3m BBSW).

Volume: A$50m
Coupon type: FRN
Coupon rate: 3mBBSW +350bps
Issue/reoffer price: par

KfW Bankengruppe (KfW)

On 16 June, the issuer added A$100m to its existing 2025 fixed rate bond, this is the fifth tap to this line. The line is priced at 58bps over the Australian Commonwealth Government Bond (ACGB).

Total outstanding: A$1.3bn
Coupon rate: 4%
Issue yield: 3.5925%
Maturity date: 27 February 2025

Source: KangaNews, FIIG Securities

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