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Tuesday 25 September 2018 by Facilitation New issues list

New Issues

New issues for the period 19 September – 26 September 2018 including: AOFM, NAB, Svenska Handelsbanken, Medallion Trust Series 2018-1

Australian Office of Financial Management (AOFM)

The AOFM printed AUD3.75bn February 2050 Treasury inflation linked bond.

Volume: A$3.75bn (US$2.7bn)
Total outstanding in the line: A$3.75bn
Issue rating: AAA
Coupon type: fixed
Coupon rate: 1%
Issue/re-offer price: 95.94%
Issue yield: 1.16%
Margin to ACGB: 9bp/August 2040 TIB

Maturity date: 21 February 2050

Medallion Trust Series 2018-1

Commbank printed its A$1.63bn residential mortgage backed securities transaction, Medallion Trust Series 2018-1 on 21 September 2018.

Tranche	Volume	Ratings (S&P/Fitch)	Weighted Average Life	Margin to swap	Initial credit support
A1	A$1.5bn	AAA /AAA	6.5 years	118bps/1m BBSW	8%
A2	A$61.96m	AAA /AAA	9.2 years	175bps/1m BBSW	4.2%
B	A$30.98m	AA/NR	9.2 years	200bps/1m BBSW	2.3%
C	A$17.94m	A/NR	9.2 years	260bps/1m BBSW	1.2%
D	A$6.53m	BBB/NR	9.2 years	350bps/1m BBSW	0.8%
E	A$6.53m	BB/NR	9.2 years	470bps/1m BBSW	0.4%
F	A$6.53m	NR /NR	9.2 years	685bps/1m BBSW	N/A

Source: KangaNews

Source: KangaNews

National Australia Bank (NAB)

NAB priced a $2bn dual-tranche five-year domestic deal.

FRN tranche
Volume: A$1.725bn
Total outstanding in the line: A$1.725bn
Issuer rating: AA-/Aa3/AA-
Coupon rate: 3m BBSW +93bp
Issue/re-offer price: par
Margin to swap: 93bp/3m BBSW

Maturity date: 26 September 2023

Fixed rate tranche
Volume: A$275m
Total outstanding in the line: A$275m
Issuer rating: AA-/Aa3/AA-
Coupon rate: 3.25%
Issue/re-offer price: 99.931%
Issue yield: 3.265%

Maturity date: 26 September 2023

Svenska Handelsbanken

Svenska Handelsbanken priced AUD900m dual-tranche five-year kangaroo.

FRN tranche
Volume: A$700 million
Total outstanding in the line: A$700 million
Issuer rating: AA-/Aa2/AA
Coupon rate: 3m BBSW +98bp
Issue/re-offer price: par
Margin to swap: 98bp/3m BBSW

Maturity date: 27 September 2023

Fixed rate tranche
Volume: A$200 million
Total outstanding in the line: A$200 million
Issuer rating: AA-/Aa2/AA
Coupon rate: 3.25%
Issue/re-offer price: 99.441%
Issue yield: 3.3725%
Margin to swap: 98bp/s-q

Maturity date: 27 September 2023

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The Facilitation Team is responsible for executing all trades at FIIG Securities and manages the pricing, supply and liquidity of bonds.

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