New issues for the period 18 April – 24 April 2018 including: Afterpay, Alberta, BOQ, BNG, Brisbane Airport, BCPE, IADB, ICBC, Liberty Financial, NWB, Manitoba, OCBC
Afterpay Touch Group (Afterpay)
Afterpay issued a new, A$50m four year domestic bond on 19 April 2018.
Volume: A$50m
Total outstanding in the line: A$50m
Coupon type: fixed
Coupon rate: 7.25%
Issue/re-offer price: par
Issue yield: 7.25%
Margin to swap: ND
Maturity date: 27 April 2022
Province of Alberta (Alberta)
Alberta priced an increase to its 2028 kangaroo bond on 20 April 2018.
Volume: A$50m
Total outstanding in the line: A$410m
Coupon type: fixed
Coupon rate: 3.6%
Issue/re-offer price: 102.058%
Issue yield: 3.355%
Margin to swap: 52bps/s-q
Margin to ACGB: 54.5bps/May 2028
Maturity date: 11 April 2028
Bank of Queensland (BOQ)
BOQ issued a new, A$200m domestic Tier 2 bond on 23 April 2018.
Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: FRN
Coupon rate: 3m BBSW +185bps
Issue/re-offer price: par
Margin to swap: 185bps/3m BBSW
Maturity date: 1 May 2028
BNG Bank (BNG)
BNG priced an increase to its 2028 kangaroo bond on 20 April 2018.
Volume: A$100m
Total outstanding in this line: A$935m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 100.029% (including 0.912% accrued)
Issue yield: 3.4025%
Margin to swap: 53bps/s-q
Margin to ACGB: 59bps/May 2028
Maturity date: 17 July 2028
Brisbane Airport Corporation (Brisbane Airport)
Brisbane Airport issued a new, A$350m seven year domestic bond on 18 April 2018.
Volume: A$350m
Total outstanding in the line: A$350m
Coupon type: fixed
Coupon rate: 3.9%
Issue/re-offer price: 99.365%
Issue yield: 4.005%
Margin to swap: 135bps/s-q
Maturity date: 24 April 2025
Inter-American Development Bank (IADB)
IADB priced an increase to its 2028 kangaroo bond on 17 April 2018.
Volume: A$65m
Total outstanding in the line: A$605m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 99.057%
Issue yield: 3.2125%
Margin to swap: 39bps/s-q
Margin to ACGB: 45.375bps/May 2028
Maturity date: 22 February 2028
Industrial and Commercial Bank of China (Sydney Branch) (ICBC)
ICBC issued a new, A$300m three year domestic floating rate note on 17 April 2018.
Volume: A$300m
Total outstanding in the line: A$300m
Coupon type: FRN
Coupon rate: 3m BBSW +102bps
Issue/re-offer price: par
Margin to swap: 102bps/3m BBSW
Maturity date: 23 April 2021
ICBC priced an increase to its 2021 domestic floating rate note on 19 April 2018.
Volume: A$25m
Total outstanding in the line: A$325m
Coupon type: FRN
Coupon rate: 3m BBSW +102bps
Issue/re-offer price: par
Margin to swap: 102bps/3m BBSW
Maturity date: 23 April 2021
Groupe BPCE (BPCE)
BPCE issued a new, A$930m dual tranche kangaroo bond on 18 April 2018.
Senior preferred tranche
Issue rating: as issuer
Volume: A$600 million (US$465.4 million)
Total outstanding in this line: A$600 million
Coupon type: FRN
Coupon rate: 3m BBSW +110bp
Issue/re-offer price: par
Margin to swap: 110bp/3m BBSW
Maturity date: 26 April 2023
Senior nonpreferred tranche
Issue rating: BBB+/NR/A
Volume: A$330 million
Total outstanding in this line: A$330 million
Coupon type: fixed
Coupon rate: 4.5%
Issue/re-offer price: 99.602%
Issue yield: 4.55%
Margin to swap: 175bp/s-q
Maturity date: 26 April 2028
Liberty Financial (Liberty)
Liberty launched its residential mortgage backed securities transaction, Liberty Series 2018-1, on 23 April 2018. The indicative total volume is equivalent to A$700m, including the euro denominated Class A1c notes, which together with Class A1b notes will be equivalent to A$385m.
Liberty Series 2018-1 indicative price guidance and structure:
| Class | Indicative volume | Expected rating (Moody's/Fitch) | Credit enhancement | Weighted average life | Indicative price guidance (bps/1m BBSW) |
| A1-a | A$70m | Aaa/AAA | 35% | 0.2 years | 65-70 area |
| A1-b | A$ND
| Aaa/AAA
| 35% | 2.1 years | 125 area |
| A1-c | €ND | Aaa/AAA
| 35% | 2.1 years | 50 area/3m Euribor |
| A2 | A$173.6m
| Aaa/AAA
| 10.2% | 3.5 years | 165 area |
| B | A$25.9m
| Aa2/NR | 6.5% | 3.5 years | 190 area |
| C | A$13.3m
| A2/NR | 4.6% | 3.5 years | ND |
| D | A$7.7m
| Baa2/NR | 3.5% | 3.5 years
| ND
|
| E | A$9.1m
| Ba2/NR | 2.2% | 3.5 years
| ND
|
| F | A$2.8m
| B2/NR | 1.8% | 3.5 years
| ND
|
| G | A$12.6m
| NR/NR | n/a | 4 years | ND
|
Source: KangaNews
Province of Manitoba (Manitoba)
Manitoba priced an increase to its 2028 kangaroo bond on 20 April 2018.
Volume: A$50m
Total outstanding in the line: A$165m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 101.035%
Issue yield: 3.38%
Margin to swap: 52bps/s-q
Margin to ACGB: 57bps/May 2028
Maturity date: 22 August 2028
NWB Bank (NWB)
NWB priced an increase to its 2028 kangaroo bond on 20 April 2018.
Volume: A$125m
Total outstanding in this line: A$770m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 100.189%
Issue yield: 3.4275%
Margin to swap: 56bps/s-q
Margin to ACGB: 61.625bps/May 2028
Maturity date: 17 July 2028
Oversea-Chinese Banking Corporation (Sydney Branch) (OCBC)
OCBC issued a new, A$600m three year domestic floating rate note on 17 April 2018.
Total outstanding in the line: A$600m
Coupon type: FRN
Coupon rate: 3m BBSW +70bps
Issue/re-offer price: par
Margin to swap: 70bps/3m BBSW
Maturity date: 23 April 2021
Suncorp-Metway
Suncorp priced its A$1.25bn residential mortgage backed securities transaction, Apollo Series 2018-1 Prime, on 19 April 2018.
| Note class | Tranche volume | Tranche rating (S&P/Fitch) | Weighted average life | Margin to swap | Initial credit support |
| A1 | A$1.15bn | AAA/AAA | 2.9 years
| 102bps/1m BBSW
| 8% |
| A2 | A$46.25m | AAA/AAA | 5.3 years | 115bps/1m BBSW
| 4.3% |
| AB | A$8.75m | AAA/AAA | 5.3 years | 150bps/1m BBSW
| 3.6% |
| B | A$18.75m | AA/NR | 5.3 years | 170bps/1m BBSW | 2.1% |
| C | A$12.5m | A/NR | 5.3 years | 250/bps/1m BBSW | 1.1% |
| D | A$5.265m | BBB/NR | 5.3 years | 250bps/1m BBSW | 1.1% |
| E | A$8.125m | NR/NR | 5.3 years | 590bps/1m BBSW | N/A |
Source: KangaNews
Overall source: KangaNews