New issues for the period 4 July – 10 July 2018 including: AMP, ADB, Axsesstoday, Columbus, CBA, NextDC, SAFA
AMP Bank (AMP)
AMP issued a new, A$41m 2.5 year domestic bond on 4 July 2018.
Volume: A$41m
Total outstanding in the line: A$41m
Coupon type: fixed
Coupon rate: 2.99%
Issue/re-offer price: par
Issue yield: 2.99%
Margin to swap: ND
Maturity date: 7 December 2020
Asian Development Bank (ADB)
ADB issues a new, A$150m 11 year kangaroo bond on 4 July 2018.
Volume: A$150m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 99.746%
Issue yield: 3.1275%
Margin to swap: 41bps/s-q
Margin to ACGB: 54bps/April 2029
Maturity date: 15 June 2029
Axsesstoday
Axsesstoday issued a new, A$55m five year simple corporate bond on 4 July 2018.
Volume: A$55m
Total outstanding in the line: A$55m
Coupon type: FRN
Coupon rate: 3m BBSW +490bps
Issue/re-offer price: par
Margin to swap: 490bps/3m BBSW
Maturity date: 20 July 2023
Columbus Capital (Columbus)
Columbus Capital began taking indications of interest for its residential mortgage backed securities transaction, Triton 2018-1. The deal has an indicative total volume equivalent to A$506.4m including Class A1-US notes which are denominated in US dollars.
Triton 2018-1 indicative price guidance and structure:
| Tranche | Indicative volume | Expected ratings (S&P/Fitch) | Weighted average life | Indicative price guidance |
| A1-MM | A$46m | AAA/AAA | 0.4 years | 70bps/1m BBSW |
| A1-US | A$100m | AAA/AAA | 1.4 years | 85bps/1m BBSW |
| A1-AU | A$185m | AAA/AAA
| 3 years | 123bps/1m BBSW |
| A1-5Y | A165m | AAA/AAA
| 4.9 years | 155bps/1m BBSW |
| A2 | A$25m | AAA/AAA
| 4.2 years | 165bps/1m BBSW |
| A3 | A$20.5m | AAA/AAA
| 4.2 years | 175bps/1m BBSW |
| AB | A$8.5m | AAA/NR
| 4.2 years | 185bps/1m BBSW |
| B | A$10m | AA/NR | 4.2 years
| high 100s area/1m BBSW |
| C | A$6.25m | A/NR | 4.2 years | high 200s area/1m BBSW
|
| D | A$2m | BBB/NR | 4.2 years | high 300s area/1m BBSW |
| E | A$1.25m | BB/NR | 3.3 years | high 500s area/1m BBSW |
| F | A$1.5m | NR/NR | 4.9 years | ND |
Source: KangaNews
Commonwealth Bank of Australia (CBA)
CBA launched the A$400m refinancing of its Medallion 2013-2 Class A3-R residential mortgage backed securities notes on 9 July 2018. The self led deal is expected to price on or before 13 July 2018.
| Tranche | Indicative Volume | Expected ratings (S&P/Fitch) | Credit enhancement | Weighted average life | Indicative price guidance (bps/1m BBSW) |
| A3-R | A$400m | AAA/AAA | 16.64% | 3.78 years | 95 area |
Source: KangaNews
NextDC
NextDC issued a new, A$300m four year domestic bond on 4 July 2018.
Floating-rate tranche
Volume: A$200m
Total outstanding in the line: A$200m
Coupon rate: 3m BBSW +375bps
Issue/re-offer price: par
Margin to swap: 375bps/3m BBSW
Maturity date: 9 June 2022
Fixed-rate tranche
Volume: A$100m
Total outstanding in the line: A$100m
Coupon rate: 6%
Issue/re-offer price: par
Issue yield: 6%
Margin to swap: ND
Maturity date: 9 June 2022
South Australia Government Financing Authority (SAFA)
SAFA issued a new, A$1bn ten year syndicated transaction on 4 July 2018.
Volume: A$1bn
Total outstanding in the line: A$1bn
Coupon type: fixed
Coupon rate: 3%
Issue/re-offer price: 98.985% (plus 0.375% accrued)
Issue yield: 3.12%
Margin to ACGB: 54.25bps/May 2028
Margin to EFP: 53bps
Maturity date: 24 May 2028
Source: KangaNews