Tuesday 17 September 2019 by FIIG Securities New issues list

New Issues - 2 September to 13 September

New issues for the week ending Friday 6 September 2019, including: BNG, BPCE, DBS, Eurofima, IFC, KFW, TCORP

Week ending Friday 6 September 2019 

BNG Bank (BNG) 
BNG Bank adds A$20 million to its July 2028 Kangaroo 
Volume: A$20m
Total outstanding in the line: A$1.29bn
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 115.556%
Issue yield: 1.4225%
Margin to swap: 51bps/s-q
Margin to ACGB: 52bps/May 2028
Maturity date: 17 July 2028

BNG Bank (BNG) 
BNG Bank adds A$20 million July 2028 Kangaroo increase
Volume: A$20m
Total outstanding in the line: A$1.31bn
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 114.252% (plus 0.52% accrued)
Issue yield: 1.5675%
Margin to swap: 51bps/s-q
Margin to ACGB: 50.85bps/May 2028
Maturity date: 17 July 2028

Groupe BPCE (BPCE)
BPCE prints A$400 million five-year dual-tranche senior-preferred deal 
Floating-rate tranche
Volume: A$250m
Total outstanding in the line: A$250m
Coupon rate: 3m BBSW +105bps
Issue/re-offer price: par
Margin to swap: 105bps/3m BBSW
Fixed-rate tranche
Volume: A$150m
Total outstanding in the line: A$150m
Coupon rate: 1.8%
Issue/re-offer price: 99.786%
Issue yield: 1.845%
Margin to swap: 105bps/s-q
Maturity date: 11 September 2024

DBS Bank Australian Branch (DBS) 
DBS Australia prints A$700 million three-year FRN deal 
Volume: A$700m
Total outstanding in the line: A$700m
Coupon type: FRN
Coupon rate: 3m BBSW +63bps
Issue/re-offer price: par
Margin to swap: 63bps/3m BBSW
Maturity date: 13 September 2022

EUROFIMA (Eurofima)
Eurofima prices $A20 million May 2029 Kangaroo increase
Volume: A$20m
Total outstanding in the line: A$500m
Coupon type: fixed
Coupon rate: 3.35%
Issue/re-offer price: 115.925% (plus 1.02%)
Issue yield: 1.5725%
Margin to swap: 62bps/s-q
Margin to ACGB: 65.35bps/April 2029
Maturity date: 21 May 2029


International Finance Corporation (IFC) 
IFC adds A$25 million to June 2029 Kangaroo 
Volume: A$25m
Total outstanding in the line: A$900m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re-offer price: 114.496% (plus 0.68% accrued)
Issue yield: 1.5475%
Margin to swap: 43bps/s-q
Margin to ACGB: 46.45bps/April 2029
Maturity date: 26 June 2029

KfW Bankengruppe (KFW) 
KFW prints A$100 million February 2021 Kangaroo tap
Volume: A$100m
Total outstanding in the line: A$1.55bn
Coupon type: fixed
Coupon rate: 2.8%
Issue/re-offer price: 102.51% (plus 0.183% accrued)
Issue yield: 1.0325%
Margin to swap: 26bps/s-q
Margin to ACGB: 29bps/May 2021
Maturity date: 17 February 2021

New South Wales Treasury Corporation (TCORP) 
TCORP prints A$1.75 billion February 2024 syndicated deal
Volume: A$1.75bn
Total outstanding in the line: A$1.75bn
Coupon type: fixed
Coupon rate: 1%
Issue/re-offer price: 99.635%
Issue yield: 1.085%
Margin to EFP: +31bps
Margin to ACGB: 31.3bps/April 2024
Maturity date: 8 February 2024

 

New issues for the week ending Friday 13 September 2019, including: ADB, KFW, Spark, Westpac, World Bank

Week ending Friday 13 September 2019 

Asian Development Bank (ADB) 
ADB prices new 2030 Green Kangaroo 
Volume: A$150m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 1.6%
Issue/re-offer price: 99.568%
Issue yield: 1.645%
Margin to swap: 43bps/s-q
Margin to ACGB: 54.9bps/May 2030
Maturity date: 18 March 2030

KfW Bankengruppe (KFW) 
KFW adds A$100 million to its 2021 Kangaroo 
Volume: A$100m
Total outstanding in the line: A$2.1bn
Coupon type: fixed
Coupon rate: 6.25%
Issue/re-offer price: 108.386% (plus 2.055% accrued)
Issue yield: 1.167%
Margin to swap: 32bps/s-q
Margin to ACGB: 29bps/May 2021
Maturity date: 19 May 2021

Spark Finance (Spark)  
Spark prints A$125 million in return to Australian market
Volume: A$125m
Total outstanding in the line: A$125m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re-offer price: 99.749%
Issue yield: 2.6275%
Margin to swap: 137bps/s-q
Maturity date: 18 March 2030

Westpac Banking Corporation (Westpac)  
Westpac prints A$600 million one –year FRN 
Volume: A$600m
Total outstanding in the line: A$600m
Coupon type: FRN
Coupon rate: 3m BBSW +30bps
Issue/re-offer price: par
Margin to swap: 30bps/3m BBSW
Maturity date: 11 September 2020

World Bank (World Bank)  
World Bank prints A$500 million February 2024 Kangaroo increase
Volume: A$500m
Total outstanding in the line: A$2.6bn
Coupon type: fixed
Coupon rate: 2.2%
Issue/re-offer price: 103.872%
Issue yield: 1.299%
Margin to swap: 37bps/s-q
Margin to ACGB: 41.3bps/April 2024
Maturity date: 27 February 2024

Source: KangaNews

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