New issues for the period 13 September – 20 September 2016 including: AMP Bank, Auckland Council, Bank of Tokyo-Mitsubishi Sydney Branch, Credit Union Australia, Liberty Financial, Nederlandse Waterschapsbank, Rentenbank and Westpac
AMP Bank
AMP priced its first 2016 residential mortgage backed securities (RMBS) transaction on 16 September. It consists of five note classes with total indicative volume of A$750m.
| Note class | Tranche volume (A$m) | WAL (years) | Margin to swap |
| A | 690 | 3.2 | 123bps +1M BBSW |
| AB | 37.95 | 5.6 | 180bps +1M BBSW |
| B | 12.9 | 5.6 | 220bps +1M BBSW |
| C | 8.1 | 5.6 | 315bps +1M BBSW |
| D | 1.05 | 5.6 | 595bps +1M BBSW |
Auckland Council
Auckland Council launched and priced a new 11 year kangaroo bond on 12 September 2016.
Volume: A$50m
Outstanding volume in this line: A$50m
Coupon type: fixed
Coupon rate: 2.9%
Issue/re offer price: 99.603%
Issue yield: 2.9425%
Margin to ACGB: 78.5bps/November 2027
Margin to swap: 80bps
Maturity date: 16 September 2027
Bank of Tokyo-Mitsubishi UFJ Sydney Branch (BoTM Sydney)
BoTM Sydney has progressed to launch its three year domestic floating rate note. The new offer will have a minimum volume of A$300m, and price guidance has been given at 100bps to 105bps over bank bills.
Credit Union Australia (CUA)
CUA has launched an increase to its December 2017 floating rate note on 19 September 2016. It has an indicative margin of 100bps over bank bills.
Liberty Financial (Liberty)
Liberty launched its Small to Medium Enterprise (SME) transaction, Liberty 2016-1 SME Trust, on 19 September 2016. It consists of eight note classes with total indicative volume of A$400m.
| Note class | Indicative volume (A$m) | WAL (years) | Initial price guidance |
| A1 | 260 | 1.8 | 180bps +1M BBSW |
| A2 | 40 | 3.8 | n/a |
| B | 25.6 | 3.8 | n/a |
| C | 20.8 | 3.8
| n/a
|
| D | 14.8 | 3.8
| n/a
|
| E | 14 | 3.8
| n/a
|
| F | 12 | 3.8
| n/a
|
| G | 12.8 | n/a | n/a |
Nederlandse Waterschapsbank (NWB)
NWB launched and priced an increase to its September 2026 kangaroo bond on 16 September 2016.
Volume: A$30m
Outstanding volume in this line: A$440m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re offer price: 102.079% (plus 0.183% accrued)
Issue yield: 2.9075%
Margin to ACGB: 79.75bps/ACGB
Maturity date: 2 September 2026
Rentenbank
Rentenbank priced a new 10.5 year kangaroo bond on 14 September 2016.
Volume: A$100m
Outstanding volume in this line: A$100m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re offer price: 98.798%
Issue yield: 2.7325%
Margin to ACGB: 57.25bps/April 2027
Maturity date: 23 March 2027
Westpac Banking Corporation
Westpac launched and priced a new senior unsecured domestic bond on 12 September 2016.
Volume: A$1bn
Outstanding volume in this line: A$1bn
Coupon type: floating rate note
Coupon rate: 43bps +3m BBSW
Issue/re offer price: par
Margin to ACGB: 43bps +3m BBSW
Maturity date: 15 September 2017
Source: KangaNews/FIIG Securities