Deal and ratings review, week ending October 18 2013

Friday, 18 October 2013

Updated

A slow week for Australian bond issuance ended with a flourish. Canadian Imperial Bank of Commerce returned to the market with a new five-year FRN deal, the issuer's first Australian market transaction since July 2011, and Aurizon Network issued the market's largest-ever single-tranche triple-B corporate deal.

Australian domestic deal activity

Pricing date	Issuer	Rating	Maturity	Cpn.	Margin	Vol. (A$m)	Lead (s)
16/10/13	Western Australia Treasury Corporation	AA+/ Aaa	25/6/16	3bp/ 3m BBSW	3m BBSW +9bp	750	ANZ, CBA
17/10/13	Nederlandse Watersch- apsbank	AAA/ Aaa	18/4/24	5.25%	125bp/ ACGB	50	DB, RBCCM
18/10/13	Canadian Imperial Bank of Commerce	A+/ Aa3/ AA-	25/1/17	3m BBSW +52bp	52bp/ 3m BBSW	500	CIBC, HSBC, NAB, UBS
18/10/13	Aurizon Network	BBB+/ Baa1	28/10/20	5.75%	180bp/ s-q swap	525	ANZ, BAML, UBS

Australian securitisation deal activity

Pricing date	Deal name	Sponsor	Type	Volume (A$m)	Lead(s)
16/10/13	Pepper Residential Securities Trust No.11	Pepper Australia	RMBS	350	CBA, NAB

New Zealand domestic deal activity

No news deals.

AOFM tenders completed and forthcoming

Date	Type	Maturity	Coupon (%)	Volume offered (A$m)	Public allocation (A$m)	Weighted average yield (%)	Cover ratio
16/10/13	T-bond	15/4/20	4.50	800	800	3.7951	3.01
18/10/13	T-bond	15/7/22	5.75	800	800	3.9728	3.59
25/10/13	T-bond	21/4/24	2.75	800

Ratings actions

Date	Issuer	Agency	Old rating	New rating	Change
14/10/13	Commonwealth Property Office Fund	Moody's	A3	A3	Rating and stable outlook affirmed.
14/10/13	Adani Abbott Point Terminal	Moody's	NR	Baa3	Rating and stable outlook assigned.
14/10/13	Adani Abbott Point Terminal	S&P	NR	BBB-	Rating and stable outlook assigned.
14/10/13	Western Bay of Plenty District Council	S&P	A+	A+	Rating affirmed. Outlook revised to positive from stable following strong budgetary performance.
15/10/13	Nine Entertainment	Moody's	Ba2	Ba2	Announcement the company will acquire 100% of Mi9 is credit positive. Rating and stable outlook unaffected.
17/10/13	Amcor	Fitch	BBB+	BBB+	Rating and stable outlook affirmed.
17/10/13	Boral	Moody's	Baa3	Baa3	Rating and stable outlook unaffected by joint venture plans with USG.
18/10/13	EnergyAustralia	S&P	BBB	BBB-	Rating lowered on weaker business performance. Outlook negative.
18/10/13	Aurizon Network	Moody's	NR	Baa1	Rating and stable outlook assigned.

Structured finance ratings actions

Date	Issuer	Sponsor	Agency	Notes	Old rating	New rating	Change
14/10/13	SMHL Series Private Placement Trust 2011-1	ME Bank	S&P	A	AAA	AAA	Rating affirmed following note redemption.
14/10/13	SMHL Series Securitisaion Fund 2013-1	ME Bank	S&P	A	NR	AAA	Rating assigned.
				AB	NR	AAA	Rating assigned.
				B1	NR	AA-	Rating assigned.
				B2	NR	AA-	Rating assigned.
14/10/13	SMHL Series Securitisation Fund 2013-1	ME Bank	Fitch	A	NR	AAA	Rating and stable outlook assigned.
14/10/13	Series 2012-1R Harvey Trust	Credit Union Australia	Moody's	A	Aaa	Aaa	Rating unaffected after issuance of additional class A and B notes.
15/10/13	Bella Trust No.2 Series 2010-1	Westpac Banking Corporation	Fitch	A	AAA	AAA	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				B	A	A	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				C	BBB	BBB	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				D	BB	BB	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				E	B	B	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
15/10/13	Bella Trust No.2 Series 2010-2	Westpac Banking Corporation	Fitch	A2	AAA	AAA	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				B	A	A	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				C	BBB	BBB	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				D	BB	BB	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				E	B	B	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
15/10/13	Bella Trust No.2 Series 2011-1	Westpac Banking Corporation	Fitch	A2a	AAA	AAA	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				A2b	AAA	AAA	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				B	A	A	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				C	BBB	BBB	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				D	BB	BB	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				E	B	B	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
15/10/13	Bella Trust No.2 Series 2011-2	Westpac Banking Corporation	Fitch	A	AAA	AAA	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				B	A	A	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				C	BBB	BBB	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				D	BB	BB	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				E	B	B	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
15/10/13	Bella Trust No.2 Series 2011-3	Westpac Banking Corporation	Fitch	A2a	AAA	AAA	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				A2b	AAA	AAA	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				B	A	A	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				C	BBB	BBB	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				D	BB	BB	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				E	B	B	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
15/10/13	Bella Trust No.2 Series 2012-1	Westpac Banking Corporation	Fitch	A	AAA	AAA	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				B	A	A	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				C	BBB	BBB	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				D	BB	BB	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
				E	B	B	Rating and stable outlook unaffected by takeover of Capital Finance Australia.
15/10/13	Pepper Residential Securities Trust No.11	Pepper Homeloans	Fitch	A-1	NR	AAA	Expected rating assigned.
				A-2	NR	AAA	Expected rating assigned.
15/10/13	Pepper Residential Securities Trust No.11	Pepper Homeloans	S&P	A-1	NR	AAA	Preliminary rating assigned.
				A-2	NR	AAA	Preliminary rating assigned.
				B	NR	AA	Preliminary rating assigned.
				C	NR	A	Preliminary rating assigned.
				D	NR	BBB	Preliminary rating assigned.
				E	NR	BB	Preliminary rating assigned.
				F	NR	B	Preliminary rating assigned.
16/10/13	Pinnacle Series Trust 2013-T1	P&N Bank	S&P	A	NR	AAA	Rating assigned.
				AB	NR	AAA	Rating assigned.
				B1	NR	AA-	Rating assigned.
				B2	NR	AA-	Rating assigned.
16/10/13	Pinnacle Series Trust 2013-T1	P&N Bank	Fitch	A	NR	AAA	Rating and stable outlook assigned.
16/10/13	WB Trust 2008-1	Wide Bay Australia	S&P	A	AAA	AAA	Rating affirmed after note issuance.
17/10/13	Kingfisher Trust 2008-1	ANZ Banking Group	Fitch	A	AAA	AAA	Rating and stable outlook affirmed.
18/10/13	Apollo Series 2006-1E Trust	Suncorp-Metway	Moody's	1A	Aaa	Aaa	Rating unchanged following liquidity facility amendments.
				B	Aa2	Aa2	Rating unchanged following liquidity facility amendments.
18/10/13	Apollo Series 2007-1E Trust	Suncorp-Metway	Moody's	1A	Aaa	Aaa	Rating unchanged following liquidity facility amendments.
				2A	Aa2	Aa2	Rating unchanged following liquidity facility amendments.
				B	Aa2	Aa2	Rating unchanged following liquidity facility amendments.
18/10/13	Artemis Securitisation Trust Repo Series No.1	Australian Defence Credit Union	Moody's	A	NR	Aaa	Definative rating assigned.