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Tuesday 31 July 2018 by FIIG Research New issues list

New Issues

New issues for the period 25 July - 31 July 2018 including: IADB, KFW, ME Bank, NWB Bank, Pepper, TD Bank

Inter American Development Bank (IADB)

IADB issued a new, A$50m June 2029 kangaroo tap on 27 July 2018.

Volume: A$50 million (US$36.9 million)
Total outstanding in the line: A$175 million
Coupon type: fixed
Coupon rate: 3.15%
Issue/re-offer price: 99.587%
Issue yield: 3.195%
Margin to swap: 41bp/s-q
Margin to ACGB: 53.25bp/April 2029
Maturity date: 26 June 2029

KfW Bankengruppe (KFW)

KFW issued a new, A$100m March 2028 kangaroo tap on 24 July 2018.

Volume: A$100 million (US$73.7 million)
Total outstanding in the line: A$500 million
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 100.369%
Issue yield: 3.155%
Margin to swap: 38bp/s-q
Margin to ACGB: 44.85bp/May 2028
Maturity date: 15 March 2028

ME Bank

ME Bank launched its residential mortgage backed securities transaction, SMHL 2018-2, on 30 July 2018. The deal has indicative total volume of A$500m and is expected to price on or before 3 August 2018.

SMHL 2018-2 indicative price guidance and structure:

Source: KangaNews

NWB Bank

NWB Bank priced an A$50m increase to its July 2028 kangaroo bond on 27 July 2018.

Volume: A$50 million (US$36.9 million)
Total outstanding in the line: A$875 million
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 101.7%
Issue yield: 3.24865%
Margin to swap: 52bp/s-q
Margin to ACGB: 59.115bp/May 2028
Maturity date: 17 July 2028

Pepper Group (Pepper)

Pepper upsized and priced its tranches of PRS 21 residential backed mortgage security on 26 July 2018.

PRS price guidance and structure:

Source: KangaNews

Toronto Dominion Bank (TD Bank)

TD Bank issued a new, $400m one year floating rate kangaroo bond on 23 July 2018.

Volume: A$400 million (US$297 million)
Total outstanding in the line: A$400 million
Coupon type: FRN
Coupon rate: 3m BBSW +46bp
Issue/re-offer price: par
Margin to swap: 46bp/3m BBSW
Maturity date: 26 July 2019

Source: KangaNews

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