New issues for the period 2 May – 9 May 2018 including: ANZ, Aroundtown, BNG, FlexiGroup, KfW, Liberty, RACQ
ANZ Banking Group (ANZ)
ANZ issued a new, A$2.55bn five year dual tranche domestic bond on 2 May 2018.
FRN tranche
Volume: A$2bn
Total outstanding in the line: A$2bn
Coupon rate: 3m BBSW +90bps
Issue/re-offer price: par
Margin to swap: 90bps/3m BBSW
Fixed-rate tranche
Volume: A$550m
Total outstanding in the line: A$550m
Coupon rate: 3.35%
Issue/re-offer price: 99.829%
Issue yield: 3.3875%
Margin to swap: 90bps/s-q
Maturity date: 9 May 2023
Aroundtown
Aroundtown issued a new, A$250m seven year kangaroo bond on 4 May 2018.
Volume: A$250m
Total outstanding in this line: A$250m
Coupon type: fixed
Coupon rate: 4.5%
Issue/re-offer price: 98.98%
Issue yield: 4.6725%
Margin to swap: 200bps/s-q
Maturity date: 14 May 2025
BNG Bank (BNG)
BNG priced an increase to its 2028 kangaroo bond on 1 May 2018.
Volume: A$100m
Total outstanding in the line: A$1.035bn
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 99.675% (plus 1.012% accrued)
Issue yield: 3.3375%
Margin to swap: 53bps/s-q
Margin to ACGB: 58.25bps/May 2028
Maturity date: 17 July 2028
FlexiGroup
FlexiGroup launched its A$300m asset backed securities deal including green tranches, on 4 May 2018.
| Tranche | Tranche volume | Tranche rating (Moody's/Fitch) | Weighted average life | Margin to swap | Initial credit support |
| A1 | A$100m | P-1/F1+ | 0.3 years | 65bps/1m BBSW | 22.5% |
| A2 | A$66.5m | Aaa/AAA | 1.5 years | 107bps/1m BBSW
| 22.5% |
| A2-G | A$66m | Aaa/AAA | 1.5 years | 107bps/1m BBSW
| 22.5% |
| B-G | A$15.3m | Aa2/AA | 1.7 years | 165bps/1m BBSW
| 17.4% |
| C | A$17.7m | A2/A | 1.7 years
| 195bps/1m BBSW
| 11.5% |
| D | A$12m | Baa2/BBB | 1.7 years
| 280bps/1m BBSW
| 7.5% |
| E | A$7.5m | Ba1/BB+ | 1.7 years
| 490bps/1m BBSW
| 5% |
| F | A$15m | NR/NR | ND | ND | N/A |
Source: KangaNews
KfW Bankengruppe (KfW)
KfW priced an increase to its 2020 kangaroo bond on 4 May 2018.
Volume: A$150m
Total outstanding in this line: A$2.65bn
Coupon type: fixed
Coupon rate: 2.75%
Issue/re-offer price: 100.799%
Issue yield: 2.3225%
Margin to swap: 20bps/s-q
Margin to ACGB: 29.25bps/April 2020
Maturity date: 20 April 2020
Liberty Financial (Liberty)
Liberty priced an increase to its 2021 domestic bond on 30 April 2018.
Volume: A$75m
Total outstanding in the line: A$225m
Coupon type: fixed
Coupon rate: 5.1%
Issue/re-offer price: 99.56% (plus 0.348% accrued)
Issue yield: 5.2625%
Margin to swap: 300bps/s-q
Maturity date: 9 April 2021
RACQ Bank (RACQ)
RACQ, on behalf of Members Banking Group, issued a new, A$55m two year floating rate note on 3 May 2018.
Volume: A$55m
Total outstanding in this line: A$55m
Coupon type: FRN
Coupon rate: 3m BBSW +110bps
Issue/re-offer price: par
Margin to swap: 110bps/3m BBSW
Maturity date: 11 May 2020
Source: KangaNews