Tuesday 01 May 2018 by FIIG Research New issues list

New Issues

New issues for the period 25 April – 1 May 2018 including: ADB, BOQ, EIB, FlexiGroup, KfW, IDB, Liberty, Quebec, Ontario

Asian Development Bank (ADB)

ADB priced an increase to its 2028 kangaroo bond on 24 April 2018.

Volume: A$100m
Total outstanding in the line: A$800m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 99.716%
Issue yield: 3.3325%
Margin to swap: 41bps/s-q
Margin to ACGB: 46.5bps/May 2028
Maturity date: 8 August 2028

Bank of Queensland (BOQ)

BOQ issued a new, A$200m domestic Tier 2 bond on 23 April 2018.

Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: FRN
Coupon rate: 3m BBSW +185bps
Issue/re-offer price: par
Margin to swap: 185bps/3m BBSW
Maturity date: 1 May 2028

European Investment Bank (EIB)

EIB priced an increase to its 2024 kangaroo bond on 27 April 2018.

Volume: A$200m
Total outstanding in the line: A$875m
Coupon type: fixed
Coupon rate: 4.75%
Issue/re-offer price: 110.083% (plus 1.181% accrued) 
Issue yield: 2.9775%
Margin to swap: 41bps/s-q
Margin to ACGB: 39.25bps/April 2024
Maturity date: 7 August 2024

FlexiGroup

FlexiGroup began taking indications of interest for its asset backed securities transaction, Flexi ABS Trust 2018-1, on 24 April 2018. The transaction has an indicative total volume of A$300m and is expected to launch in the week commencing 30 April 2018.

Flexi ABS Trust 2018-1 indicative price guidance and structure:

Tranche Indicative volume Expected rating (Moody's/Fitch) Credit enhancement Weighted average life  Indicative guidance (bps/1m BBSW)
A1 A$100m P-1/F1+ 22.5% 0.3 years 65-70 area
A2 A$66.5m Aaa/AAA 22.5% 1.5 years 115 area
A2-G A$66m Aaa/AAA 22.5% 1.5 years 115 area
B-G A$15.3m Aa2/AA 17.4% 1.7 years 180 area
C A$17.7m A2/A 11.5% 1.7 years
low 200s area
D A$12m Baa2/BBB 7.5% 1.7 years
300 area
E A$7.5m Ba1/BB+ 5% 1.7 years
low 500s area
F A$15m NR/NR N/A ND ND

Source: KangaNews

KfW Bankengruppe (KfW)

KfW priced an increase to its 2025 kangaroo bond on 25 April 2018.

Volume: A$100m
Total outstanding in this line: A$1.55bn
Coupon type: fixed
Coupon rate: 4%
Issue/re-offer price: 105.755% (clean)
Issue yield: 3.06%
Margin to ACGB: 36.25bps/April 2025
Maturity date: 27 February 2025

KfW priced an increase to its 2020 kangaroo bond on 27 April 2018.

Volume: A$200m
Total outstanding in the line: A$2.7bn
Coupon type: fixed
Coupon rate: 6%
Issue/re-offer price: 108.01% (plus 1.21% accrued)
Issue yield: 2.395%
Margin to swap: 22bps/s-q
Maturity date: 20 August 2020

Inter-American Development Bank (IDB)

IDB priced an increase to its 2023 kangaroo bond on 26 April 2018.

Volume: A$100m
Total outstanding in this line: A$850m
Coupon type: fixed
Coupon rate: 4%
Issue/re-offer price: 107.196% (inc 1.878% accrued)
Issue yield: 2.8575%
Margin to swap: 32bps/s-q
Margin to ACGB: 35bps/April 2023
Maturity date: 22 May 2023

Liberty Financial (Liberty)

Liberty priced an increase to its 2021 domestic bond on 30 April 2018.

Volume: A$75m
Total outstanding in the line: A$225m
Coupon type: fixed
Coupon rate: 5.1%
Issue/re-offer price: 99.56% (plus 0.348% accrued) 
Issue yield: 5.2625%
Margin to swap: 300bps/s-q
Maturity date: 9 April 2021

Province of Quebec (Quebec)

Quebec priced an increase to its 2028 kangaroo bond on 24 April 2018.

Volume: A$50m
Total outstanding in the line: A$115m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 98.493% 
Issue yield: 3.4225%
Margin to swap: 50bps/s-q
Margin to ACGB: 56.25bps/November 2028
Maturity date: 18 October 2028

Province of Ontario (Ontario)

Ontario priced an increase to 2028 kangaroo bond on 24 April 2018.

Volume: A$30m
Total outstanding in the line: A$80m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 98.037% 
Issue yield: 3.425%
Margin to swap: 51bps/s-q
Margin to ACGB: 57.5bps/November 2028
Maturity date: 12 October 2028

Source: KangaNews


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