insto - Australian financial markets

NZ-based Southland Building Society launched NZD$150m new tranches to SBS Oreti Trust No. 2 on Wednesday. The deal was initially issued in Mar 2009.

Details of the new tranches are:
• Tranche 1-2, AAA(S&P), 143.7m.
• Tranche 2-2, n.r., 6.3m.
 

The proceeds from the new tranche will be used to fund additional loans.
Trustee: Trustee Executors
 

S&P also affirmed AAA ratings on the 92.6m Tranche 1 notes launched in Mar 2009 via Westpac. The deal consisted Tranche 1 and Tranche 2 notes.
 

Australia’s export credit agency EFIC raised JPY500 million in a structured private placement trade on Monday.

Details are:

Issuer: Export Finance &Insurance Corporation
Amount: JPY500m
Facility: Non-Call 16 months Constant Maturity Swap Linked Note

Launch Date: 15 March 2010
Pricing Date: 15 March 2010
Settlement Date: 25 March 2010
Maturity Date: 12 January 2028

Coupon: 2pct (For the first 10 months before switching to a semi-annual CMS Linked structured coupon).
• The proceeds were swapped to floating rate USD at a sub 3-month LIBOR margin.

Colonial First State Capital Management is set to launch the first CMBS issue in the Australian market in 2010. The A$683m notes, 2010 Notes of the CMBS Issuer Series 1 (2007), will be the second CMBS program for CFSCM.

Details are:
Issuer: Colonial First State Capital Management
CMBS Issuer Security Trustee: Perpetual Trustee
Liquidity Provider: ANZ(AA/Stable/A-1+)

Expected Closing Date: 21 Mar 2010
Scheduled Maturity Date: 21 Mar 2013
Final Maturity Date: 21 Mar 2015

Loan-to-value Ratio: 32.14pct
Debt-service-coverage Ratio: 2.53
Preliminary Ratings:

Bendigo and Adelaide Bank launched its latest AUD RMBS, TORRENS Series 2010-1 Trust, on Wednesday. The deal is expected to have a volume of $650 million.

The transaction will be structured in three tranches and backed by Australian prime residential mortgages originated by Bendigo Bank.

The Class A Notes will be listed with the ASX.

Details are:
• Class A, AAA/Aaa, $601m, WAL 2.8yrs, Credit Enhancement 7.5pct
• Class AB, AAA/-, $39M, WAL 4.9yrs, Credit Enhancement 1.5pct
• Class B, AA-/-, $10m, WAL 4.9yrs

Legal Final Maturity: May 2042
Joint leads: Deutsche Bank, Westpac