Tuesday 03 March 2015 by FIIG Research New issues list

New Issues

New issues and updates for the week ending 3 March 2015

BNG Bank

BNG Bank has added a further A$100m to its fixed bond line with a total outstanding of A$400m. The increase was released to the market a week ago.

Volume: A$100m
Coupon rate: 3.25%
Issue yield: 3.21%
Maturity date: 15 July 2025

Industrial Bank of Korea (IBK)

Last week, IBK priced its second Kangaroo bond issue, the first went to market in 2012. The fixed rate issue has a volume of A$350m with a term of five years.

Volume: A$350m
Coupon rate: 3.25%
Issue yield: 3.41%
Maturity date: 5 March 2020

Kommunalbanken Norway (KBN)

Last Thursday, KBN priced a new fixed rate deal in the Kangaroo market at 67.75bps over the Australian Commonwealth Government Bond (ACGB).

Volume: A$250m
Coupon rate: 2.6%
Issue yield: 2.625%
Maturity date: 4 September 2020

Macquarie Bank

Macquarie Bank, on February 26, priced a five year senior unsecured benchmark issue with a volume of A$1.5bn across two tranches, fixed and floating rate. The maturity date is 3 March 2020.

Fixed rate tranche
Volume: A$500m
Coupon rate: 3.25%
Issue yield: 3.3725%

Floating rate tranche
Volume: A$1bn
Coupon rate: 3m BBSW + 110bps
Issue/re-offer price: par

Nordic Investment Bank (NIB)

Yesterday, NIB priced an increase of A$200m to its 2020 line with a total outstanding of A$500m.

Volume: A$200m
Coupon rate: 2.70%
Issue yield: 2.465%
Maturity date: 4 February 2020

Oversea-Chinese Banking Corporation Sydney Branch (OCBC Sydney)

OCBC priced a new senior unsecured benchmark deal on February 27. The floating rate note issue has a total volume of A$300m.

Volume: A$300m
Coupon type: Floating rate note (FRN)
Coupon rate: 3m BBSW+81bps
Maturity date: 6 June 2019


Rentenbank priced a new fixed rate bond offer on February 26. The deal has a volume of $250m at 55.75bps over the ACGB.

Volume: A$250m
Coupon rate: 2.70%
Issue yield: 2.745%
Maturity date: 5 September 2022

South Australian Government Financing Authority (SAFA)

The SAFA has increased its fixed rate line by syndication last Thursday adding $500m in volume. The total outstanding is currently A$1.27bn.

Volume: A$500m
Coupon rate: 4.25%
Issue yield: 2.83%
Maturity date: 20 November 2023

Suncorp-Metway (Suncorp)

Suncorp priced its 2015 debut residential mortgage backed securities (RMBS) deal on February 26. The transaction is named Apollo Series 2015-1 Trust and has a total volume of A$1.25bn across five tranches.

Class A

Class AB

Class B1

Class B2

Class B3








3.1 years

5.5 years

5.5 years

5.5 years

5.5 years

Margin to swap

1m BBSW+90bps

1m BBSW+175bps

1m BBSW+230bps

1m BBSW+310bps

1m BBSW+500bps

Volkswagen Financial Services (VWFS)

VWFS priced a new asset backed securities issue on 26 February named Driver Australia Two Trust. The total volume in this issue is A$436m across two tranches.

Class A

Class B





1.72 years

2.62 years

Margin to swap

1m BBSW+75bps

1m BBSW+135bps

 Source: KangaNews, FIIG Securities


The contents of this document are copyright. Other than under the Copyright Act 1968 (Cth), no part of it may be reproduced or  distributed to a third party without FIIG’s prior written permission other than to the recipient’s accountants, tax advisors and lawyers for the purpose of the recipient obtaining advice prior to making any investment decision. FIIG asserts all of its intellectual property rights in relation to this document and reserves its rights to prosecute for breaches of those rights.

Certain statements contained in the information may be statements of future expectations and other forward-looking statements. These statements involve subjective judgement and analysis and may be based on third party sources and are subject to significant known and unknown uncertainties, risks and contingencies outside the control of the company which may cause actual results to vary materially from those expressed or implied by these forward looking statements. Forward-looking statements contained in the information regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. You should not place undue reliance on forward-looking statements, which speak only as of the date of this report. Opinions expressed are present opinions only and are subject to change without further notice.

No representation or warranty is given as to the accuracy or completeness of the information contained herein. There is no obligation to update, modify or amend the information or to otherwise notify the recipient if information, opinion, projection, forward-looking statement, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

FIIG shall not have any liability, contingent or otherwise, to any user of the information or to third parties, or any responsibility whatsoever, for the correctness, quality, accuracy, timeliness, pricing, reliability, performance or completeness of the information. In no event will FIIG be liable for any special, indirect, incidental or consequential damages which may be incurred or experienced on account of the user using information even if it has been advised of the possibility of such damages.

FIIG provides general financial product advice only. As a result, this document, and any information or advice, has been provided by FIIG without taking account of your objectives, financial situation and needs. Because of this, you should, before acting on any advice from FIIG, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If this document, or any advice, relates to the acquisition, or possible acquisition, of a particular financial product, you should obtain a product disclosure statement relating to the product and consider the statement before making any decision about whether to acquire the product. Neither FIIG, nor any of its directors, authorised representatives, employees, or agents, makes any representation or warranty as to the reliability, accuracy, or completeness, of this document or any advice. Nor do they accept any liability or responsibility arising in any way (including negligence) for errors in, or omissions from, this document or advice. Any reference to credit ratings of companies, entities or financial products must only be relied upon by a ‘wholesale client’ as that term is defined in section 761G of the Corporations Act 2001 (Cth). FIIG strongly recommends that you seek independent accounting, financial, taxation, and legal advice, tailored to your specific objectives, financial situation or needs, prior to making any investment decision. FIIG does not provide tax advice and is not a registered tax agent or tax (financial) advisor, nor are any of FIIG’s staff or authorised representatives. FIIG does not make a market in the securities or products that may be referred to in this document. A copy of FIIG’s current Financial Services Guide is available at www.fiig.com.au/fsg.

An investment in notes or corporate bonds should not be compared to a bank deposit. Notes and corporate bonds have a greater risk of loss of some or all of an investor’s capital when compared to bank deposits. Past performance of any product described on any communication from FIIG is not a reliable indication of future performance. Forecasts contained in this document are predictive in character and based on assumptions such as a 2.5% p.a. assumed rate of inflation, foreign exchange rates or forward interest rate curves generally available at the time and no reliance should be placed on the accuracy of any forecast information. The actual results may differ substantially from the forecasts and are subject to change without further notice. FIIG is not licensed to provide foreign exchange hedging or deal in foreign exchange contracts services. The information in this document is strictly confidential. If you are not the intended recipient of the information contained in this document, you may not disclose or use the information in any way. No liability is accepted for any unauthorised use of the information contained in this document. FIIG is the owner of the copyright material in this document unless otherwise specified.

The FIIG research analyst certifies that any views expressed in this document accurately reflect their views about the companies and financial products referred to in this document and that their remuneration is not directly or indirectly related to the views of the research analyst. This document is not available for distribution outside Australia and New Zealand and may not be passed on to any third party without the prior written consent of FIIG. FIIG, its directors and employees and related parties may have an interest in the company and any securities issued by the company and earn fees or revenue in relation to dealing in those securities.