Deal and ratings review, week ending October 3 2014

Friday, 03 October 2014

Updated

*Registrations are still open for the KangaNews's 4th Annual Corporate debt summit on October 16. An up-to-date agenda, including confirmed keynote speakers, and instructions on how to register can be found here.*

Activity slowed significantly during the week under review with just one Kangaroo – a A$150 million (US$130.3 million) tap to KfW Bankengruppe's 2025 line – and one A$400 million Australian securitisation deal priced by Pepper Australia.

Australian public domestic deal activity

Pricing date	Issuer	Rating	Maturity	Cpn.	Margin (bp)	Vol. (A$m)	Lead(s)
1 Oct 14	KfW Bankengruppe	AAA/ Aaa/ AAA	27 Feb 25	4.00%	54.5bp/ ACGB	150	Citi, TD

Public securitisation deal activity

Pricing date	Deal name	Sponsor	Type	Vol. (A$m)	Lead(s)
3 Oct 14	Pepper Residential Securities Trust No.13	Pepper Australia	RMBS	400	CB, NAB

New Zealand public domestic deal activity

No new deals.

AOFM tenders completed and forthcoming

Date	Type	Maturity	Coupon (%)	Volume offered (A$m)	Public allocation (A$m)	Weighted average yield (%)	Cover ratio
1 Oct 14	T-bond	21 Apr 23	5.50	700	700	3.3933	3.621
3 Oct 14	T-bond	15 Mar 19	5.25	500	500	2.8706	6.020
8 Oct 14	T-bond	21 Apr 26	4.25	700
10 Oct 14	T-bond	21 Oct 18	3.25	500

Ratings actions

Date	Issuer	Agency	Old rating	New rating	Change
29 Sep 14	Bank of India (New Zealand)	S&P	BBB-	BBB-	Outlook revised to stable following outlook revision on parent.
30 Sep 14	Alinta Energy	S&P	B+	BB-	Rating raised on improvment of the company's financial risk profile. Outlook stable.
2 Oct 14	Nine Entertainment	Moody's	Ba2	NR	Rating withdrawn for business reasons.
3 Oct 14	Atlas Iron	S&P	B+	B	Rating lowered on prospect of weak cash flows. Outlook stable.
3 Oct 14	BHP Billiton	S&P	A+	A+	Rating and stable outlook unaffected by revised iron-ore price assumption.
3 Oct 14	Fortescue Metals Group	S&P	BB+	BB+	Rating and stable outlook unaffected by revised iron-ore price assumption.

Structured finance rating actions

Date	Issuer	Sponsor	Agency	Notes	Old rating	New rating	Change
29 Sep 14	SBS Oreti Trust No.2 RMBS		S&P	Class 1	AAA	AAA	Rating affirmed.
30 Sep 14	Resimac Versailles Trust Series 2014-1	Resimac	S&P	A1	NR	AAA	Rating assigned.
				A2	NR	AAA	Rating assigned.
				B	NR	AA	Rating assigned.
				C	NR	A	Rating assigned.
				D	NR	BBB	Rating assigned.
				E	NR	BB	Rating assigned.
1 Oct 14	Pepper Residential Securities Trust No.13 RMBS	Pepper Australia	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.
1 Oct 14	Pepper Residential Securities Trust No.13 RMBS	Pepper Australia	Moody's	A-1	NR	Aaa	Preliminary rating assigned.
				A-2	NR	Aaa	Preliminary rating assigned.
3 Oct 14	Illawarra Series IS Trust	IMB Limited	Fitch	A	AAA	AAA	Rating and stable outlook affirmed.
3 Oct 14	Pepper Residential Securities Trust No.9, No.10 & No.11	Pepper Australia	Fitch	ALL	Various	Various	Ratings and stable outlook affirmed.
3 Oct 14	Pepper Prime 2012-1 & 2013-1	Pepper Australia	Fitch	ALL	Various	Various	Ratings and stable outlooks affirmed.