Tuesday 05 June 2018 by FIIG Research New issues list

New Issues

New issues for the period 30 May – 5 June 2018 including: ADB, Deutsche Bahn, Firstmac

African Development Bank (AfDB)

AfDB priced an increase to its 2027 kangaroo bond on 30 May 2018.

Volume: A$30m
Total outstanding in the line: A$140m
Coupon type: fixed
Coupon rate: 3.345%
Issue/re-offer price: 102.587% (plus 0.645% accrued)
Issue yield: 3.024%
Margin to swap: 37bps/s-q
Margin to ACGB: 45bps/April 2027
Maturity date: 27 September 2027

Deutsche Bahn Finance (Deutsche Bahn)

Deutsche Bahn issued a new, A$206m 10 year kangaroo bond on 29 May 2018.

Volume: A$206m
Total outstanding in this line: A$206m
Coupon type: fixed
Coupon rate: 3.494%
Issue/re-offer price: par
Issue yield: 3.494%
Margin to swap: 72bps/s-q
Margin to ACGB: 77.9bps/May 2028
Maturity date: 13 June 2028


Firstmac issued a new, A$1bn residential mortgage backed securities transaction, Firstmac Mortgage Funding Trust No. 4 Series 2-2018, on 4 June 2018.

Tranche Indicative volume Expected ratings (S&P/Fitch) Credit enhancement  Weighted average life  Indicative price guidance 
A1 A$850m AAA/AAA 15% 3.2 years Preplaced
A2 A$70m AAA/AAA 8% 4.2 years 160 area
AB A$56m AAA/NR 2.4% 5.2 years 175-180 area
B A$19.5m AA-/NR 0.45% 5.2 years 190 area
C A$3.4m A/NR 0.11% 5.2 years 290 area
D A$1.1m NR/NR N/A 7 years ND

Source: KangaNews