New issues for the period 21 – 28 July 12 new issues this week including DBNGP, IFC and Westpac pricing released on its dual tranche issue
DBNGP Finance (DBNGP)
DBNGP added A$70m to its existing floating rate note line on 27 July.
Total outstanding in this line: A$125m
Coupon rate: 200 bps + BBSW
Issue/re-offer price: par
Maturity date: 28 September 2023
EUROFIMA
On 21 July 2015, the issuer added A$75m to its existing 2025 fixed rate bond line at 78.75 basis points (bps) over the Australian Commonwealth Government Bond (ACGB).
Total outstanding in this line: A$240m
Coupon rate: 3.9%
Issue yield: 3.72%
Maturity date: 19 December 2025
International Finance Corporation (IFC)
IFC priced an increase of A$50m to its 2025 fixed rate bond line on 22 July at 49.5 bps over ACGB.
Total outstanding in this line: A$850m
Coupon rate: 4%
Issue yield: 3.385%
Maturity date: 3 April 2025
J.P. Morgan Chase
J.P. Morgan Chase priced a new deal on 23 July, a fixed rate bond line at 157.75 bps over the ACGB.
Volume: A$175m
Coupon rate: 4.5%
Issue yield: 4.510%
Maturity date: 30 January 2026
KfW Bankengruppe (KfW)
KfW priced another increase to its 2025 fixed rate line on 23 July adding A$150m at 56.5 bps over the ACGB.
Total outstanding in this line: A$1.45bn
Coupon rate: 4%
Issue yield: 3.415%
Maturity date: 27 February 2025
Kommunalbanken Norway (KBN)
On 24 July, KBN priced a new fixed rate transaction at 63.75 bps over the ACGB.
Volume: A$50m
Coupon rate: 4.25%
Issue yield: 3.4275%
Maturity date: 16 July 2025
ME
On 21 July, ME priced a new residential mortgage backed securities (RMBS) transaction called SMHL Series Securitisation Fund 2015-1. The RMBS issue is A$1.5bn in volume across six tranches.
| Class A1 | Class A2 | Class B | Class C | Class D | Class E |
| Volume | A$1.38bn | A$41.25m | A$50.25m | A$18.75 | A$4.50m | A$5.25m |
| WAL | 2.8 years | 2.8 years | 5.6 years | 5.6 years | 5.6 years | 5.6 years |
| Margin to swap | 1m BBSW+95bps | 1m BBSW+102bps | 1m BBSW+230bps | 1m BBSW+285bps | 1m BBSW+400bps | 1m BBSW+600bps |
Municipality Finance (MuniFin)
MuniFin priced a new deal on 24 July, a fixed rate bond line at 67.75 bps over the ACGB.
Volume: A$50m
Coupon rate: 3.5%
Issue yield: 3.56%
Maturity date: 4 February 2026
Nederlandse Waterschapsbank (NWB)
On 21 July, NWB priced an increase of A$25m to its existing 2025 fixed rate bond line at 73.25 bps over the ACGB.
Total outstanding in this line: A$280m
Coupon rate: 3.40%
Issue yield: 3.6725%
Maturity date: 22 July 2025
Rentenbank
On 23 July, Rentenbank priced an increase of A$150m to its existing fixed rate bond line at 69.25 bps to the ACGB.
Total outstanding in this line: A$700m
Coupon rate: 2.70%
Issue yield: 3.195%
Maturity date: 5 September 2022
Westpac Banking Corporation (Westpac)
On 23 July, Westpac released full pricing details on its dual tranche issue that was priced on 17 July.
Floating rate tranche
Volume: A$2.7bn
Coupon rate: 90 bps + 3m BBSW
Issue/re-offer price: par
Maturity date: 28 July 2020
Fixed rate tranche
Volume: A$200m
Coupon rate: 3.5%
Issue/re-offer price: 100.046%
Maturity date: 28 July 2020
World Bank
On 23 July, World Bank priced an increase of A$700m to its existing fixed rate bond line.
Total outstanding in this line: A$700m
Coupon rate: 2.5%
Issue yield: 2.7025%
Maturity date: 12 March 2020
Source: KangaNews, FIIG Securities