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Tuesday 11 September 2018 by FIIG Research New issues list

New Issues

New issues for the period 5 September – 11 September 2018 including: ADB, AMP, KBN, Liberty, NWB, Paccar, RedZed, Suncorp, TCV

Asian Development Bank (ADB)

ADB priced a, A$325m increase to its September 2023 kangaroo bond on 5 September 2018.

Volume: A$325m
Total outstanding in this line: A$675m
Coupon type: fixed
Coupon rate: 4.5%
Issue/re-offer price: 108.883%
Issue yield: 2.5875%
Margin to swap: 37bps/s-q
Margin to ACGB: 42.25bps/April 2023
Maturity date: 5 September 2023

AMP Bank (AMP)

AMP issued a, A$400m three year domestic floating rate note on 4 September 2018.

Volume: A$400m
Total outstanding in the line: A$400m
Coupon type: floating rate note
Coupon rate: 3m BBSW +108bps
Issue/re-offer price: par
Margin to swap: 108bps/3m BBSW
Maturity date: 4 September 2018

Kommunalbanken Norway (KBN)

KBN printed a, A$50m tap of its April 2021 kangaroo bond on 6 September 2018.

Volume: A$50m
Total outstanding in this line: A$700m
Coupon type: fixed
Coupon rate: 6.5%
Issue/re-offer price: 110.331%
Issue yield: 2.3475%
Margin to swap: 34bps/s-q
Margin to ACGB: 34.65bps/May 2021
Maturity date: 12 April 2021

Liberty Financial (Liberty)

Liberty priced a, A$100m increase to its June 2020 domestic line on 4 September 2018.

Volume: A$100m
Total outstanding in the line: A$300m
Coupon type: fixed
Coupon rate: 5.1%
Issue/re-offer price: 100.517% (plus 1.407% accrued)
Issue yield: 4.78%
Margin to swap: 280bps/s-q
Maturity date: 10 September 2018

NWB Bank (NWB)

NWB priced a, $A15m increase to its July 2028 kangaroo bond on 3 September 2018.

Volume: A$15m
Total outstanding in the line: A$1bn
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 102.521%
Issue yield: 3.15%
Margin to swap: 59bps/s-q
Margin to ACGB: 65.25bps/May 2028
Maturity date: 17 July 2028

Paccar Financial (Paccar)

Paccar priced a, A$150m four year domestic deal on 6 September 2018.

Volume: A$150m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 3%
Issue/re-offer price: 99.981%
Issue yield: 3.005%
Margin to swap: 85bps/s-q
Maturity date: 6 September 2018

RedZed Lending Solutions (RedZed)

RedZed launched its residential mortgage backed securities transaction, RedZed Trust Series 2018-1, on 11 September 2018. The forthcoming deal has an indicative total volume of A$375m and is expected to price on or before 13 September 2018.

Source: Commonwealth Bank of Australia - 11 September 2018
Note: Commonwealth Bank of Australia is arranger for the transaction, as well as lead manager alongside National Australia Bank.

Suncorp Metway (Suncorp)

Suncorp priced a A$750m dual tranche five year covered bond on 6 September 2018.

Fixed rate tranche
Volume: A$550m
Total outstanding in the line: A$550m
Coupon rate: 3%
Issue/re-offer price: 99.954%
Issue yield: 3.01%
Margin to swap: 77bps/s-q
Maturity date: 13 September 2023

Floating rate note tranche
Volume: A$200m
Total outstanding in the line: A$200m
Coupon rate: 3m BBSW +77bps
Issue/re-offer price: par
Margin to swap: 77bps/3m BBSW
Maturity date: 13 September 2023

Treasury Corporation of Victoria (TCV)

TCV priced a, A$850m syndicated increase to its October 2028 line on 6 September 2018.

Volume: A$850m
Total outstanding in the line: A$4.117bn
Coupon type: fixed
Coupon rate: 3%
Issue/re-offer price: 100.693% (plus 1.197% accrued)
Issue yield: 2.92%
Margin to EFP: 36bps
Margin to ACGB: 36bps/November 2028
Maturity date: 20 October 2028

Source: KangaNews

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