› COLUMBUS MARKETS TRITON 2017-2
Non-bank lender COLUMBUS CAPITAL has
released initial price guidance for six
tranches of an indicative A$400m Triton
2017-2 Australian RMBS issue.
Price talk for the A$300m Class A1-b
notes, the A$20m Class A2s and the A$12m
Class A3s, all with 3.1-year weighted-
average lives and credit support of 15%, 10%
and 7%, is one-month BBSW plus 110bp–
115bp area, 130bp–135bp area and 145bp
area, respectively.
Guidance for the A$14.4m Class ABs,
A$7.2m Class Cs and A$4.6m Class Ds, all
with 4.2-year WALs, and support of 3.4%,
1.6% and 0.45%, is one-month BBSW plus
175bp area, low 200s area and 300 area,
respectively.
The A$40m Class A1-a notes, with a
0.19-year WAL, the A$1m Class D notes,
with a 3.5-year WAL, and the A$0.8m Class
E notes, with a five-year WAL, are not for
sale.
The Class A1, A2, A3 and AB notes are
all rated AAA/AAA (S&P/Fitch). S&P alone
sees the Bs, Cs and Ds as AA, A and BBB,
respectively.
Deutsche Bank, MUFG Securities, NAB and
Westpac are joint lead managers on the
trade.
In June, Columbus Capital raised A$500m
from the sale of prime RMBS via Triton
Capital 2017-1.
› AMP BANK HIRES FOR RETURN
AMP BANK has mandated Deutsche Bank,
Macquarie, MUFG, NAB and Westpac for a
potential Australian dollar funding and
capital relief issue off its Progress RMBS
programme.
In May, AMP Bank sold a A$1.3bn RMBS,
Progress 2017-1, using the same five leads.
In September last year, the bank issued a
A$750m RMBS, Progress 2016-1.
› ECLIPX MARKETS AUTO ABS
Price talk has been released for the
A$351.5m (US$271m) ECLIPX TURBO TRUST SERIES
2017-1 TRUST ABS offering, around 83% of which
is securitised against car loans, ahead of
pricing on or before November 8.
For the A$60m Class A1 and A$207.13m
Class A2 notes with respective WALs of
0.24 and 1.58 years, guidance is one-month
BBSW plus 65bp–70bp area and 95bp–
100bp area, respectively.
For the A$14.42m Class Bs, A$18.42m
Class Cs, A$5.63m Class Ds and A$14.42m
Class Es, all with 2.06-year WALs, price
talk is one-month BBSW plus 180bp–190bp
area, 230bp–250bp area, 320bp area and
mid to high 500s, respectively.
For the A$9.14m Class Fs with a 2.5-year
WAL guidance is one-month BBSW plus
800bp area.
ANZ is arranger and joint lead manager
with NAB and Westpac.
Both A notes have 24% credit support
while the Bs to Gs have 19.9%, 14.6%, 13.0%,
8.9%, 6.3% and 5.0% support, respectively.
Last December Fleet Partners, part of
Eclipx Group, priced a A$330m offering of
auto and equipment asset-backed securities
through FP Turbo Series 2016-1 Trust.SYNDICATED LOANS
› MINER HIRES TRIO FOR US$375M LOANMiner CLEAN TEQ HOLDINGS said on Thursday
it had appointed National Australia Bank,
Natixis and Societe Generale as mandated lead
arrangers for a US$375m loan to develop its
Sunrise project in New South Wales.
The loan, which represents up to 60%
of the total project cost, is expected to be
completed in the first quarter of 2018.
With backed from mining magnate Robert
Friedland, the Sunrise project has one
of the largest nickel and cobalt deposits
outside Africa. The two materials are used
to make steel and increasingly in batteries
for electric cars.
HCF International and Grant Thornton are
advising Clean TeQ on the debt financing.› SINO GAS GETS PROJECT FUNDSSINO GAS & ENERGY HOLDINGS has obtained a
US$100m five-year senior secured loan from
Macquarie Bank to back the development of
gas projects in China.
Macquarie will also provide an additional
US$50m for the repayment of a loan it
provided to Australia-listed Sino Gas for
development projects, as well as US$18m
for the company to exercise an option on
one of its gas projects.
Repayment will start in the fourth year
with 60% of the outstanding amount to be
settled in equal quarterly instalments and
the remainder due at the end of the fifth
year. The interest margin starts at 820bp
over Libor and drops to 650bp over Libor
if the company secures approval for the
development plan of gas projects by its
partner China United Coalbed Methane.EQUITY CAPITAL MARKETS
› PSC INSURANCE SEALS PLACEMENTPSC INSURANCE GROUP has completed an
institutional share placement to raise
A$55m (US$42.2m), according to anannouncement from the Australian
company.
The placement of 18.3m shares was
priced at A$3 each.
Bell Potter was lead manager on the
placement.› AUSTRALIANSUPER SELLS LINK BLOCKSuperannuation and pension fund
AustralianSuper has sold an A$88m block
of shares in LINK ADMINISTRATION, according to
a source close to the trade.
The block of 11m shares priced at A$8.01
each and, following the sale, lowered
AustralianSuper’s stake in Link to 8.3%
from 10.5%, the source said.
UBS arranged the sale.CHINA
DEBT CAPITAL MARKETS
› ICBC NY ISSUES US$1.5BNINDUSTRIAL AND COMMERCIAL BANK OF CHINA priced
three tranches of US dollar bonds, totalling
US$1.5bn, through its New York branch.
The bank priced US$500m of three-year
floating-rate notes at three-month US dollar
Libor plus 75bp, US$500m of five-year
fixed-rate bonds at Treasuries plus 95bp
and US$500m of 10-year paper at Treasuries
plus 118bp.
The 3(a)(2) notes have expected ratings of
A1/A (Moody’s/S&P).
Bank of America Merrill Lynch, BNP Paribas,
Citigroup and Wells Fargo Securities were joint
bookrunning managers on the trade.› CHINA MINMETALS PRICES US$1BN PERPSCHINA MINMETALS CORP, rated Baa1/BBB+
(Moody’s/Fitch), has priced US$1bn of senior
perpetual non-call five securities, with
proceeds earmarked for working capital
and general corporate purposes.
The state-owned metals and mining
company priced the Reg S notes at par to
yield 3.75%, well inside initial guidance of
4% area.
The perps have an expected rating of
Baa1 from Moody’s. If the notes are not
called after five years, the distribution rate
will reset to the initial spread of 171.7bp
over five-year Treasuries, plus a 300bp
step-up.
Final orders were not disclosed, but
orders were said to be over US$2.8bn ahead
of the release of final price guidance of
3.75%.