New issues for the period 27 October - 3 November including: new floating rate note transactions from Bank of America, NAB and Swedbank
Australia Pacific Airports Corporation (Melbourne Airport)
On 2 November, Melbourne Airport priced a new fixed rate bond line.
Volume: A$120m
Coupon rate: 4.55%
Margin to swap: ND
Maturity date: 11 November 2025
Bank of America Australian Branch (BoA)
On 27 October, BoA priced a new floating rate note transaction at 110 basis points (bps) over the 3 month Bank Bill Swap Rate (3m BBSW).
Volume: A$850m
Coupon rate: 3m BBSW +110bps
Issue/re-offer price: par
Maturity date: 5 November 2018
National Australia Bank (NAB)
On 30 October, NAB priced a new five year floating rate note transaction at 108bps over 3m BBSW.
Volume: A$2.1bn
Coupon rate: 3m BBSW +108bps
Issue/re-offer price: par
Maturity date: 5 November 2020
Pepper Residential Securities Trust No.15
On 29 October, Pepper Group priced a new residential mortgage backed securities (RMBS) deal with a total volume of A$300m. The deal is spread across nine tranches.
Pepper Residential Securities Trust No.15
| Class | A1-s1 | A1-a |
A2 |
B | C |
D |
E |
F | G |
| Volume | A$110m | A$100m | A$36.5m | A$29.5m | A$5.1m | A$0.375m | A$3.9m | A$3.6m | A$5.4m |
| WAL | 1 year | 2.2 years | 2.2 years | 4 years | 4 years | 5.6 years | 3.7 years | 2.8 years | 5 years |
| Margin to swap | 1m BBSW+
65bps | 1m BBSW
+130bps | 1m BBSW
+155bps | 1m BBSW
+250bps | ND | ND | ND | ND | ND |
Queensland Treasury Corporation (QTC)
On 27 October, QTC priced a new fixed rate transaction at 63 bps over the Australian Commonwealth Government Bond (ACGB).
Volume: A$1.75bn
Coupon rate: 3.25%
Issue yield: 3.33%
Maturity date: 21 July 2026
Swedbank
On 28 October, Swedbank priced a new floating rate transaction at 115bps over 3m BBSW.
Volume: A$325m
Coupon rate: 3m BBSW +115bps
Issue/re-offer price: par
Maturity date: 5 November 2018
The issuer returned to market shortly after, with a new fixed rate transaction priced at 145 bps over the semi-quarterly swap rate (s-q).
Volume: A$66.5m
Coupon rate: 4%
Issue yield: 4.2175%
Maturity date: November 5 2025
*Please note that FIIG may not trade in the above securities, contact your FIIG Representative for more information.
Source: KangaNews, FIIG Securities