New issues for the period 10 July – 17 July 2018 including: ANZ, Columbus Capital, CBA, IADB, Mizuho, NWB, QTC
ANZ Banking Group (ANZ)
ANZ issued a new, A$2bn three year dual tranche domestic bond on 10 July 2018.
FRN tranche
Volume: A$1.6bn
Total outstanding in the line: A$1.6bn
Coupon rate: 3m BBSW +75bps
Issue/re-offer price: par
Margin to swap: 75bps/3m BBSW
Maturity date: 16 July 2021
Fixed rate tranche
Volume: A$400m
Total outstanding in the line: A$400m
Coupon rate: 2.95%
Issue/re-offer price: 99.979%
Issue yield: 2.9575%
Margin to swap: 75bps/s-q
Maturity date: 16 July 2021
Columbus Capital
Columbus Capital issued its residential mortgage backed securities transaction, Triton Trust No. 8 Bond Series 2018-1 on 13 July 2018. The deal has a total volume equivalent to A$700m including Class A1-US notes which are denominated in US dollars.
Triton Trust No. 8 Bond Series 2018-1 price guidance and structure:
| Note class | Tranche volume | Tranche rating (S&P/Fitch) | Weighted average life | Margin to swap | Initial credit support |
| A1-MM | A$71m | AAA/AAA | 0.3 years | 80bps/1m BBSW | 15% |
| A1-US | A$100m | AAA/AAA | 1.4 years | 95bps/1m US Libor | 15% |
| A1-AU | A$330m | AAA/AAA
| 3 years | 125bps/1m BBSW | 15% |
| A1-5Y | A$65m | AAA/AAA
| 4.9 years | 155bps/1m BBSW | 15% |
| A2 | A$35m | AAA/AAA
| 4.2 years | 165bps/1m BBSW | 10% |
| A3 | A$28.7m | AAA/AAA
| 4.2 years | 175bps/1m BBSW | 5.9% |
| AB | A$11.9m | AAA/NR
| 4.2 years | 185bps/1m BBSW | 4.2% |
| B | A$14m | AA/NR | 4.2 years
| 193bps/1m BBSW | 2.2% |
| C | A$8.75m | A+/NR | 4.2 years | 270bps/1m BBSW
| .95% |
| D | A$2.8m | BBB+/NR | 4.2 years | 380bps/1m BBSW | .55% |
| E | A$1.75m | BB+/NR | 3.3 years | 580bps/1m BBSW | .30% |
| F | A$2.1m | NR/NR | 4.9 years | 700bps/1m BBSW
| N/A |
Source: KangaNews
Commonwealth Bank of Australia (CBA)
CBA issued its Medallion 2013-2 Class A3-R residential mortgage backed securities notes on 11 July 2018.
| Note class | Tranche volume | Tranche rating (S&P/Fitch) | Weighted average life | Margin to swap | Initial credit support |
| A3-R | A$400m | AAA/AAA | 3.78 years | 95bps/1m BBSW | 16.64% |
Source: KangaNews
Inter-American Development Bank (IADB)
IADB issued a new, A$125m 11 year kangaroo bond on 13 July 2018.
Volume: A$125m
Total outstanding in the line: A$125m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re-offer price: 99.746% (plus 0.267% accrued)
Issue yield: 3.1775%
Margin to swap: 41bps/s-q
Margin to ACGB: 54bps/April 2029
Maturity date: 26 June 2029
Mizuho Financial Group (Mizuho)
Mizuho issued a new, A$625m five year dual tranche sec-registered bond on 11 July 2018.
Fixed rate tranche
Volume: A$275m
Total outstanding in the line: A$275m
Coupon rate: 3.752%
Issue/re-offer price: par
Issue yield: 3.752%
Margin to swap: 140bps/s-q
Maturity date: 19 July 2023
FRN tranche
Volume: A$350m
Total outstanding in the line: A$350m
Coupon rate: 3m BBSW +140bps
Issue/re-offer price: par
Margin to swap: 140bps/3m BBSW
Maturity date: 19 July 2023
NWB Bank (NWB)
NWB priced an increase to its July 2028 kangaroo bond on 10 July 2018.
Volume: A$15m
Total outstanding in this line: A$825m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 101.975%
Issue yield: 3.2175%
Margin to swap: 51bps/s-q
Margin to ACGB: 59.25bps/May 2028
Maturity date: 17 July 2028
Queensland Treasury Corporation (QTC)
QTC priced an increase to its August 2030 syndicated bond on 10 July 2018.
Volume: A$1bn
Total outstanding in the line: A$2.75bn
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 101.88% (plus 1.373% accrued)
Issue yield: 3.31%
Margin to ACGB: 61.25bps/May 2030
Margin to EFP: 67bps
Maturity date: 21 August 2030
Source: KangaNews