New issues for the period 24 October – 31 October 2017 including: ANZ, Ausgrid, Bluestone, Deutsche Bahn, Fonterra, Latitude, OCBC Sydney, Pepper, QTC, NRW, NTTC, NWB, Rentenbank, TCV, Westpac
ANZ Banking Group (ANZ)
ANZ issued a new, A$50m seven year domestic bond on 30 October 2017.
Volume: A$50m
Total outstanding in the line: A$50m
Coupon type: fixed
Coupon rate: 3.46%
Issue/re-offer price: par
Issue yield: 3.46%
Margin to swap: 85.5bps/s-q
Maturity date: 4 November 2024
Ausgrid Finance (Ausgrid)
Ausgrid issued a new, A$1.2bn dual tranche seven year domestic bond on 25 October 2017.
Seven year fixed
Volume: A$750m
Total outstanding in this line: A$750m
Coupon rate: 3.75%
Issue/re-offer price: 99.498%
Issue yield: 3.8325%
Margin to swap: 122bps/s-q
Seven year FRN
Volume: A$450m
Total outstanding in this line: A$450m
Coupon rate: 3m BBSW +122bps
Issue/re-offer price: par
Margin to swap: 122bps/3m BBSW
Maturity date: 30 October 2024
Bluestone Group (Bluestone)
Bluestone launched its latest residential mortgage backed securities transaction, the Sapphire XVII 2017-2 RMBS, on 30 October 2017. The transaction is for an indicative A$300m according to its arranger.
The Sapphire XVII 2017-2 RMBS indicative price guidance and structure is as follows:
Source: National Bank Australia
Deutsche Bahn Finance (DB)
DB issued a new, A$150m 15 year kangaroo bond on 23 October 2017.
Volume: A$150m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 4.05%
Issue/re-offer price: 99.922%
Issue yield: 4.057%
Margin to swap: 98bps/s-q
Margin to ACGB: 98bps/April 2033
Maturity date: 27 October 2032
Fonterra Co-operative Group (Fonterra)
Fonterra issued a new, A$300m ten year kangaroo bond on 27 October 2017.
Volume: A$300m
Total outstanding in the line: A$300m
Coupon type: fixed
Coupon rate: 4%
Issue/re-offer price: 99.065%
Issue yield: 4.115%
Margin to swap: 128bps/s-q
Maturity date: 2 November 2027
Latitude Finance Australia (Latitude)
Latitude is preparing its third asset backed securities deal of 2017 with expected ratings assigned to the forthcoming deal on 30 October 2017.
The Latitude Australia Personal Loans Series 2017-1 Trust indicative structure is as follows:
Source: Moody's Investors Service, Fitch Ratings
NRW Bank (NRW)
NRW issued a new, A$100m 10.5 year kangaroo bond on 26 October 2017.
Volume: A$100m
Total outstanding in the line: A$100m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 99.478%
Issue yield: 3.56%
Margin to swap: 70bps/s-q
Margin to ACGB: 75.25bps/May 2028
Maturity date: 8 May 2028
Northern Territory Treasury Corporation (NTTC)
NTTC issued a new, A$500m domestic bond on 24 October 2017.
Volume: A$500m
Total outstanding in the line: A$500m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 99.782% (plus 0.096% accrued)
Issue yield: 3.525%
Margin to EFP: 72bps
Margin to ACGB: 70.75bps/May 2028
Maturity date: 21 April 2028
NWB Bank (NWB)
NWB priced an increase to its 2027 kangaroo bond on 24 October 2017.
Volume: A$25m
Total outstanding in this line: A$450m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 100.756%
Issue yield: 3.4075%
Margin to swap: 62bps/s-q
Margin to ACGB: 68.25bps/April 2027
Maturity date: 20 July 2027
Oversea Chinese Banking Corporation Sydney Branch (OCBC Sydney)
OCBC Sydney priced an increase to its 2020 floating rate note on 30 October 2017.
Volume: A$200m
Total outstanding in this line: A$500m
Coupon type: FRN
Coupon rate: 3m BSW +60bps
Issue/re-offer price: 100.228% (inc. 0.195% accrued)
Margin to swap: 59bps/3m BBSW
Maturity date: 6 October 2020
Pepper Australia (Pepper)
Pepper issued a new, A$600m nonconforming residential mortgage backed security, Pepper Residential Securities Trust No.19 on 26 October 2017.
Queensland Treasury Corporation (QTC)
QTC issued a new, A$150m on two private placements on 30 October 2017.
First tap
Volume: A$135m
Pricing date: 27 October 2017
Settlement date: 3 November 2017
Coupon type: fixed
Coupon rate: 4.2%
Issue/re-offer price: 98.666% (plus 0.856% accrued)
Issue yield: 4.28%
Margin to ACGB: 70bps/March 2047
Second tap
Volume: A$15m
Pricing date: 30 October 2017
Settlement date: 6 November 2017
Coupon type: fixed
Coupon rate: 4.2%
Issue/re-offer price: 100.163% (plus 0.89% accrued)
Issue yield: 4.19%
Margin to ACGB: 70bps/March 2047
Maturity date: 20 February 2047
Rentenbank
Rentenbank priced an increase to its 2028 kangaroo bond on 25 October 2017.
Volume: A$75m
Total outstanding in the line: A$250m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 99.297% (plus 0.179% accrued)
Issue yield: 3.33%
Margin to swap: 49bps/s-q
Margin to ACGB: 52.75bps/May 2028
Maturity date: 12 April 2028
Treasury Corporation of Victoria (TCV)
TCV issued a new, A$100m 30 year syndicated bond on 30 October 2017.
Volume: A$100m
Total outstanding in the line: A$100m
Coupon type: fixed
Coupon rate: 4%
Issue/re-offer price: 99.913%
Issue yield: 4.005%
Margin to ACGB: 51.25bps/March 2047
Maturity date: 6 November 2047
Westpac Banking Corporation (Westpac)
Westpac issued a new, A$2.25bn five year senior bond on 25 October 2027.
Five year fixed
Volume: A$300m
Total outstanding in this line: A$300m
Coupon rate: 3.125%
Issue/re-offer price: 99.714%
Issue yield: 3.1875%
Margin to swap: 81bps/s-q
Five year FRN
Volume: A$1.95bn
Total outstanding in this line: A$1.95bn
Coupon rate: 3m BBSW +81bps
Issue/re-offer price: par
Margin to swap: 81bps/3m BBSW
Maturity date: 2 November 2027
Source: KangaNews