Tuesday 06 June 2017 by FIIG Research New issues list

New Issues

New issues for the period 30 May 2017 – 6 June 2017 including: BNG Bank, CBA, Credit Union Australia, HSBC Sydney, ICBC Sydney, Newcastle Permanent Building Society and Western Australia Treasury Corporation

BNG Bank

BNG Bank priced an increase to its July 2027 kangaroo bond on 31 May 2017.

Volume: A$105m
Outstanding volume in this line: A$560m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 102.051% (plus 1.344% accrued)
Issue yield: 3.26%
Margin to swap: 72bps
Margin to ACGB: 87.5bps/April 2027
Maturity date: 19 July 2027

Commonwealth Bank of Australia (CBA)

CBA issued A$2.4bn in its new Medallion Trust Series 2017-1 RMBS on 2 June 2017.

Credit Union Australia (CUA)

CBA priced its new Harvey Trust Series 2017-1 RMBS on 2 June 2017.

HSBC Sydney Branch

HSBC Sydney issued a new, three year domestic bond on 31 May 2017.

Volume: A$750m
Outstanding volume in this line: A$750m
Coupon type: floating rate note
Coupon rate: 3m BBSW +70bps
Issue/re offer price: par
Margin to swap: 70bps/3m BBSW
Maturity date: 9 June 2020

Industrial and Commercial Bank of China Sydney Branch (ICBC Sydney)

ICBC Sydney issued a new, one year floating rate note on 2 June 2017.

Volume: A$100m
Outstanding volume in this line: A$100m
Coupon type: floating rate note
Coupon rate: 3m BBSW +65bps
Issue/re offer price: par
Margin to swap: 65bps/3m BBSW
Maturity date: 8 June 2018

Newcastle Permanent Building Society (NPBS)

NPBS issued a new two year domestic bond on 2 June 2017.

Volume: A$50m
Outstanding volume in this line: A$50m
Coupon type: floating rate note
Coupon rate: 3m BBSW +120bps
Issue/re offer price: par
Margin to swap: 120bps/3m BBSW
Maturity date: 7 June 2019

Western Australia Treasury Corporation (WATC)

WATC issued A$1.3bn in a new domestic bond on 1 June 2017.

Volume: A$1.3bn
Outstanding volume in this line: A$1.3bn
Coupon type: fixed
Coupon rate: 3.00%
Issue/re offer price: 99.674%
Issue yield: 3.04%
Margin to EFP: 62bps
Margin to ACGB: 70.25bps/April 2026
Maturity date: 21 October 2026

Source: KangaNews/FIIG Securities

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