New issues for the period 18 - 25 August including: Apple’s Australian market debut and Macquarie Bank’s latest RMBS transaction, ‘PUMA Series 2015-3 Trust’
Apple
Apple priced its debut bond on 21 August across three tranches. The total issue volume was A$2.25m.
| Four year fixed | Four year floating rate note (FRN) | Seven year fixed |
| Volume | A$440m | A$700m | A$1.15bn |
| Coupon rate | 2.850% | 3m BBSW + 65bps | 3.70% |
| Margin to swap | 65bps | 65bp/3m BBSW | 110bps |
| Maturity date | 28 August 2019 | 28 August 2019 | 28 August 2022 |
EUROFIMA
EUROFIMA added A$30m to its existing fixed rate line on 19 August.
Total outstanding in this line: A$270m
Coupon rate: 3.9%
Issue yield: 3.515%
Maturity date: 19 December 2025
Lloyds Bank (Lloyds)
Lloyds priced a new A$600m transaction across three tranches.
| Three year fixed | Three year floating rate note (FRN) | 10 year fixed |
| Volume | A$200m | A$250m | A$150m |
| Coupon rate | 3.10% | 100bps + BBSW | 4.25% |
| Margin to swap | 100bps | 100bps/BBSW | 100bps |
| Maturity date | 28 August 2018 | 28 August 2018 | 28 August 2025 |
Macquarie
Bank (Macquarie)
On 20 August, Macquarie upsized and priced its RMBS transaction, ‘PUMA Series 2015-3 Trust’.
| Note class A | Note class B1 | Note class B2 |
| Volume | A$1.38bn | A$90m | A$30m |
| WAL | 2.7 years | 5.0 years | 9.3 years |
| Margin to swap | 1m BBSW+95bps | ND | ND |
University of Sydney
On 18 August, University of Sydney priced a new fixed rate deal at 95 bps over mid-swap rate.
Volume: A$200m
Coupon rate: 3.75%
Issue yield: 3.9775%
Maturity date: 28 August 2025
Source: KangaNews, FIIG Securities