Wednesday 20 March 2019 by Facilitation New issues list

New Issues - 4 March to 15 March 2019

New issues for the week ending Friday 15 March 2019, including: ConnectEast, IFC, KBN, Qudos, Rabobank, Stockland.

ConnectEast Finance (ConnectEast)

ConnectEast prints A$250 million seven-year domestic deal

Volume: A$250m
Total outstanding in the line: A$250m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re-offer price: 99.858%
Issue yield: 3.423%
Margin to swap: 150bps/s-q
Maturity date: 25 March 2026

Cooperative Rabobank Australia Branch (Rabobank)

Rabobank Australia prices A$700 million 3.5-year domestic FRN

Volume: A$700m
Total outstanding in the line: A$700m
Coupon type: FRN
Coupon rate: 3m BBSW +79bps
Issue/re-offer price: par
Margin to swap: 79bps/3m BBSW
Maturity date: 22 September 2022

International Finance Cooperation (IFC)

IFC adds A$25 million to June 2029 Kangaroo

Volume: A$25m
Total outstanding in the line: A$375m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re-offer price: 105.759% (plus 0.727% accrued)
Issue yield: 2.51%
Margin to swap: 42bps/s-q
Margin to ACGB: 55.25bps/April 2029
Maturity date: 26 June 2029

Kommunalbanken Norway (KBN)

KBN prices A$30 million July 2028 Kangaroo tap

Volume: A$30m
Total outstanding in the line: A$535m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re-offer price: 106.942% (plus 0.517% accrued) 
Issue yield: 2.56%
Margin to swap: 53bps/s-q
Margin to ACGB: 60.8bps/May 2028
Maturity date: 24 July 2028

KBN prints further A$25 million tap to July 2028 Kangaroo

Volume: A$25m
Total outstanding in the line: A$560m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re-offer price: 106.942% (plus 0.517% accrued)
Issue yield: 2.56%
Margin to swap: 53bps/s-q
Margin to ACGB: 60.8bps/May 2028
Maturity date: 24 July 2028

Qudos Mutual (Qudos)

Qudos mutual prices A$40 million one-year domestic FRN

Volume: A$40m
Total outstanding in the line: A$40m
Coupon type: FRN
Coupon rate: 3m BBSW +90bps
Issue/re-offer price: par
Margin to swap: 90bps/3m BBSW
Maturity date: 19 March 2020

Stockland Trust Management (Stockland)

Stockland prices A$200 million five-year domestic deal

Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 99.817% 
Issue yield: 3.34%
Margin to swap: 158bps/s-q
Maturity date: 22 Mar 2024

New issues for the week ending Friday 8 March 2019, including: ADB, IADB, KBN, MUFG, NWB, SEK.

BNG Bank (BNG)

BNG Bank adds A$15 million to July 2029 ‘Renewable-Energy’ Kangaroo bond

Volume: A$15m
Total outstanding in the line: A$40m
Coupon type: fixed
Coupon rate:2.95%
Issue/re-offer price: 101.569% (plus 0.228% accrued)
Issue yield: 2.7755%
Margin to swap: 54bps/s-q
Margin to ACGB: 72bps/April 2029
Maturity date: 31 July 2029

BNP Paribas (BNP)

Pricing details on BNP Paribas’s dual-tranche senior nonpreferred five-year EMTN

Floating-rate tranche
Volume: A$375m
Total outstanding in the line: A$375m
Coupon rate: 3m BBSW +175bps
Issue/re-offer price: par
Margin to swap: 175bps/3m BBSW
Maturity date: 28 February 2024

Fixed-rate tranche
Volume: A$100m
Total outstanding in this line: A$100m
Coupon rate: 3.599%
Issue/re-offer price: par
Issue yield: 3.599%
Margin to swap: 175bps/s-q
Maturity date: 28 February 2024

Credit Union Australia (CUA)

CUA prices A$200 million three-year FRN

Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: FRN
Coupon rate: 3m BBSW +123bps
Issue/re-offer price: par
Margin to swap: 123bps/3m BBSW
Maturity date: 4 March 2022

KfW Bankengruppe (KfW)

KFW prints A$300 million September 2026 Kangaroo tap

Volume: A$300m
Total outstanding in the line: A$1.25bn
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 104.709% 
Issue yield: 2.51%
Margin to swap: 46bps/s-q
Margin to ACGB: 59bps/April 2026
Maturity date: 11 September 2026

World Bank (World Bank)

World Bank nets A$1.3 billion in new February 2024 Kangaroo bond

Volume: A$1.3bn
Total outstanding in the line: A$1.3bn
Coupon type: fixed
Coupon rate: 2.2%
Issue/re-offer price: 99.765%
Issue yield: 2.25%
Margin to swap: 38bps/s-q
Margin to ACGB: 52.25bps/April 2024
Maturity date: 27 February 2024

Western Australia Treasury Corporation (WATC)

WATC prices A$1.015 billion July 2029 Syndicated deal

Volume: A$1.015bn
Total outstanding in the line: A$1.015bn
Coupon type: fixed
Coupon rate: 2.75%
Issue/re-offer price: 99.863% (plus 0.251% accrued)
Issue yield: 2.765%
Margin to ACGB: 63.1bps/April 2029
Maturity date: 24 July 2029

Pepper Prices (Pepper)

Pepper prices Australian dollar tranches of PRS 23 RMBS deal

Asian Development Bank (ADB)

ADB prices A$100 million August 2028 Kangaroo increase

Volume: A$100m
Total outstanding in the line: A$900m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 105.253% 
Issue yield: 2.665%
Margin to swap: 41bps/s-q
Margin to ACGB: 50bps/May 2028
Maturity date: 8 August 2028

Inter-American Development Bank (IADB)

IADB adds A$25 million to June 2029 Kangaroo

Volume: A$25m
Total outstanding in this line: A$275m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re-offer price: 103.652% (plus 0.658% accrued)
Issue yield: 2.74%
Margin to swap: 42bps/s-q
Margin to ACGB: 55bps/April 2029
Maturity date: 26 June 2029

IADB adds A$100 million August 2024 Kangaroo tap

Volume: A$100m
Total outstanding in this line: A$1.1bn
Coupon type: fixed
Coupon rate: 4.75%
Issue/re-offer price: 112.968% 
Issue yield: 2.21%
Margin to swap: 38bps/s-q
Maturity date: 27 August 2024

Kommunalbanken Norway (KBN)

KBN prints A$350 million increase to April 2023 Kangaroo

Volume: A$350m
Total outstanding in the line: A$1.55bn
Coupon type: fixed
Coupon rate: 4.5%
Issue/re-offer price: 109.098% 
Issue yield: 2.165%
Margin to swap: 43bps/s-q
Margin to ACGB: 55.75bps/April 2023
Maturity date: 17 April 2023

MUFG Bank Sydney Branch (MUFG)

MUFG Sydney prices A$1.25 billion three-year domestic FRN

Volume: A$1.25bn
Total outstanding in this line: A$1.25bn
Coupon type: FRN
Coupon rate: 3m BBSW + 87bps
Issue/re-offer price: par
Margin to swap: 87bps/3m BBSW
Maturity date: 15 March 2022

NWB (NWB)

NWB bank adds A$15 million to May 2029 Kangaroo

Volume: A$15m
Total outstanding in the line: A$530m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 103.758%
Issue yield: 2.87%
Margin to swap: 58bps/s-q
Margin to ACGB: 70.25bps/April 2029
Maturity date: 2 May 2029

Swedish Export Credit Corporation (SEK)

SEK prices A$15 million September 2028 Kangaroo tap

Volume: A$15m
Total outstanding in this line: A$65m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 104.792% 
Issue yield: 2.6775%
Margin to swap: 52bps/s-q
Margin to ACGB: 62.85bps/May 2028
Maturity date: 29 September 2028

Source: KangaNews

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