New issues for the period 19 June – 26 June 2018 including: AFG, AMP, NWB, Teachers Mutual
Australian Finance Group (AFG)
AFG issued a new, A$350m residential mortgage backed transaction, AFT 2018-1 Trust, on 20 June 2018.
| Note class | Tranche volume | Tranche rating | Weighted average life | Margin to swap | Initial credit support |
| A1 | A$65m | AAA/AAA | 0.4 years | 70bps/1m BBSW | 10% |
| A2 | A$250m | AAA/AAA | 3 years | 120bps/1m BBSW | 10% |
| A3 | A$14.7m | AAA/NR
| 4.2 years | 150bps/1m BBSW | 5.8% |
| AB | A8.75m | AAA/NR | 4.2 years | 175bps/1m BBSW | 3.3% |
| B | A$5.075m | AA/NR | 4.2 years | 195bps/1m BBSW | 1.85% |
| C | A$3.675m | A/NR | 4.2 years | 290bps/1m BBSW | 0.8% |
| D | A$1.225m | BBB/NR | 4.2 years | 390bps/1m BBSW | 0.45% |
| E | A$0.875m | BB/NR | 4.2 years | 620bps/1m BBSW | 0.2% |
| F | A$0.7m | NR/NR | 5 years | ND | N/A |
Source: KangaNews
AMP Bank (AMP)
AMP issued a new, A$1bn residential mortgage backed transaction, Progress 2018-1, on 22 June 2018.
| Note class | Tranche volume | Tranche rating | Weighted average life | Margin to swap | Initial credit support |
| A | A$920m | AAA/Aaa | 2.9 years | 112bps/1m BBSW | 8% |
| AB | A$54.5m | AAA/NR | 6 years | 160bps/1m BBSW
| 2.55% |
| B | A$15m | AA/NR | 6 years
| 180bps/1m BBSW
| 1.05% |
| C | A$9.3m | A/NR | 6 years
| 260bps/1m BBSW
| 0.12% |
| D | A$1.2m | NR/NR | 6 years
| 580bps/1m BBSW
| N/A |
Source: KangaNews
NWB Bank (NWB)
NWB priced an increase to its July 2028 kangaroo bond on 19 June 2018.
Volume: A$40m
Total outstanding in this line: A$810m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 102.048%
Issue yield: 3.210%
Margin to swap: 52bps/s-q
Margin to ACGB: 59.5bps/May 2028
Maturity date: 17 July 2028
Teachers Mutual Bank (Teachers Mutual)
Teachers Mutual issued a new, A$200m domestic floating rate note on 25 June 2018.
Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: FRN
Coupon rate: 3m BBSW +137bps
Issue/re-offer price: par
Margin to swap: 137bps/3m BBSW
Maturity date: 2 July 2021
Source: KangaNews