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Tuesday 08 August 2017 by FIIG Research New issues list

New Issues

New issues for the period 3 August 2017 – 8 August 2017 including: KfW Bankengruppe, NWB, UBS Australia and Verizon Communications

KfW Bankengruppe (KfW)

KfW priced an increase to its 2020 kangaroo bond on 1 August 2017.

Volume: A$200m
Total outstanding in this line: A$600m
Coupon type: fixed
Coupon rate: 2.4%
Issue/re-offer price: 100.488%
Issue yield: 2.225%
Margin to swap: 18bps/s-q
Margin to ACGB: 35bps/Apr2020
Maturity date: 2 July 2020

NWB Bank (NWB)

NWB priced an increase to its 2027 kangaroo bond on 2 August 2017.

Volume: A$15m
Outstanding in this line: A$165m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 100.921%
Issue yield: 3.390%
Margin to swap: 63bps/s-q
Margin to ACGB: 74.25bps/April 2027
Maturity date: 20 July 2027

UBS Australia Branch (UBS)

UBS issued a new, A$1.7bn dual tranche three year domestic bond on 3 August 2017.

FRN tranche
Volume: A$1.1bn
Outstanding volume in this line: $1.1bn
Coupon rate: 3m BBSW + 70bps
Issue/re-offer price: par
Margin to swap: 70bps/3m BBSW
Maturity date: 10 August 2020

Fixed tranche
Volume: A$600m
Outstanding volume in this line: A$600m
Coupon rate: 2.7%
Issue/re-offer price: 99.886%
Issue yield: 2.74%
Margin to swap: 70bps/s-q
Maturity date: 10 August 2020

Verizon Communications (Verizon)

Verizon issued a new, A$2.2bn multi tranche kangaroo bond on 4 August 2017.

5.5 year fixed
Volume: A$550m
Outstanding in this line: A$550m
Coupon rate: 3.5%
Issue/re-offer price: 99.777%
Issue yield: 3.5450%
Margin to swap: 122bps/s-q
Maturity date: 17 February 2023

5.5 year FRN
Volume: A$500m
Outstanding in this line: A$500m
Coupon rate: 3m BBSW +122bp
Issue/re-offer price: par
Margin to swap: 122bps/3m BBSW
Maturity date: 17 February 2023

7.5 year fixed
Volume: A$450m
Outstanding in this line: A$450m
Coupon rate: 4.05%
Issue/re-offer price: 99.760%
Issue yield: 4.0875%
Margin to swap: 157bps/s-q
Maturity date: 17 February 2025

10 year fixed
Volume: A$700m
Outstanding in this line: A$700m
Coupon rate: 4.5%
Issue/re-offer price: 99.582%
Issue yield: 4.5525%
Margin to swap: 185bps/s-q
Maturity date: 17 August 2027

Source: KangaNews/FIIG Securities

Please note that FIIG may not trade in all of the above securities, contact your FIIG representative for more information.

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