Wednesday 29 May 2019 by Facilitation New issues list

New Issues - 13 May to 24 May 2019

New issues for the week ending Friday 24 May 2019, including: BNG, Eurofima, IFC, KFW, NBW, SMBC, Svenska Handelsbanke.

BNG BANK (BNG)

BNG Bank adds A$25 million to April 2029 Kangaroo

Volume: A$25m
Total outstanding in the line: A$455m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 108.794% (plus 0.289% accrued)
Issue yield: 2.3025%
Margin to swap: 54bps/s-q
Margin to ACGB: 65.5bps/April 2029
Maturity date: 26 April 2029

Eurofima (Eurofima)

Eurofima prices A$25 million May 2029 Kangaroo tap

Volume: A$25m
Total outstanding in the line: A$250m
Coupon type: fixed
Coupon rate: 3.35%
Issue/re-offer price: 108.223% (plus 0.073% accrued) 
Issue yield: 2.4175%
Margin to swap: 62bps/s-q
Margin to ACGB: 74.35bps/April 2029
Maturity date: 21 May 2029

International Finance Corporation (IFC)

IFC prices A$50 million June 2029 Kangaroo tap

Volume: A$50m
Total outstanding in the line: A$600m 
Coupon type: fixed
Coupon rate: 3.15%
Issue/re-offer price: 108.636% (plus 1.341% accrued) 
Issue yield: 2.19%
Margin to ACGB: 54.75bps/April 2029
Maturity date: 26 June 2029

KfW Bankengruppe (KFW)  

KFW prints A$150 million increase to its February 2025 Kangaroo bond

Volume: A$150m
Total outstanding in the line: A$1.85bn
Coupon type: fixed
Coupon rate: 4%
Issue/re-offer price: 111.591% (plus 0.994% accrued) 
Issue yield: 1.865%
Margin to swap: 39bps/s-q
Margin to ACGB: 46.25bps/April 2025
Maturity date: 27 February 2025

NWB Bank (NWB)

NWB prints A$15 million May 2029 Kangaroo Tap 

Volume: A$15m
Total outstanding in the line: A$630m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 109.431% 
Issue yield: 2.235%
Margin to swap: 53bps/s-q
Margin to ACGB: 64.6bps/April 2029
Maturity date: 2 May 2029

Sumitomo Mitsui Banking Corporation Sydney Branch (SMBC)

Full pricing details on SMBC Sydney’s A$500 million two-year domestic FRN

Volume: A$500m
Total outstanding in the line: A$500m
Coupon type: FRN
Coupon rate: 3m BBSW +62bps
Issue/re-offer price: par
Margin to swap: 62bps/3m BBSW
Maturity date: 28 May 2021

Svenska Handelsbanken (Svenska Handelsbanken)

Svenska Handelsbanken prints A$500 million three-year Kangaroo FRN

Volume: A$500m
Total outstanding in this line: A$500m
Coupon type: FRN
Coupon rate: 3m BBSW +70bps
Issue/re-offer price: par
Margin to swap: 70bps/3m BBSW
Maturity date: 31 May 2022

New issues for the week ending Friday 17 May 2019, including: ACT, BNG, CIBC, Export-Import Bank of Korea, IADB, KBN, NWB, OCBC, RACQ, World Bank.

Australian Capital Territory (ACT)

ACT prints 10-year A$675 million syndicated deal

Volume: A$675m
Total outstanding in the line: A$675m
Coupon type: fixed
Coupon rate: 2.25%
Issue/re-offer price: 99.025% 
Issue yield: 2.36%
Margin to ACGB: 66.2bps/April 2029
Maturity date: 22 May 2029

BNG Bank (BNG)

BNG prints A$15 million April 2029 Kangaroo tap

Volume: A$15m
Total outstanding in the line: A$430m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 108.255% 
Issue yield: 2.3625%
Margin to swap: 54bps/s-q
Margin to ACGB: 66bps/April 2029
Maturity date: 26 April 2029

Canadian Imperial Bank of Commerce, Australia Branch (CIBC)

CIBC Australia prints A$150 million May 2020 increase

Volume: A$150m
Total outstanding in the line: A$550m
Coupon type: FRN
Coupon rate: 3m BBSW +41bps
Issue/re-offer price: par
Margin to swap: 41bps/3m BBSW
Maturity date: 6 May 2020

Export-Import Bank of Korea  

Kexim prices A$500 million May 2024 Kangaroo deal

Volume: A$500m
Total outstanding in the line: A$500m
Coupon type: FRN
Coupon rate: 3m BBSW +85bps
Issue/re-offer price: par
Margin to swap: 85bps/3m BBSW
Maturity date: 23 May 2024

Inter-American Development Bank (IADB)

IADB prices A$100 million August 2024 Kangaroo tap

Volume: A$100m
Total outstanding in the line: A$1.3bn
Coupon type: fixed
Coupon rate: 4.75%
Issue/re-offer price: 115.109% (plus 1.81% accrued) 
Issue yield: 1.7275%
Margin to swap: 35bps/s-q
Margin to ACGB: 46.45bps/April 2024
Maturity date: 27 August 2024

Kommunalbanken Norway (KBN)

KBN prints new A$50 million 10.5-year Kangaroo deal

Volume: A$50m
Total outstanding in the line: A$50m
Coupon type: fixed
Coupon rate: 2.4%
Issue/re-offer price: 99.654% 
Issue yield: 2.4375%
Margin to swap: 53bps/s-q
Margin to ACGB: 71.9bp/November 2029
Maturity date: 21 November 2029

NWB Bank (NWB)

NWB bank taps May 2029 Kangaroo for A$20 million  

Volume: A$20m
Total outstanding in the line: A$615m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 108.151% 
Issue yield: 2.375%
Margin to swap: 55.75bps/s-q
Margin to ACGB: 68.2bps/April 2029
Maturity date: 2 May 2029

Oversea-Chinese Banking Corporation Sydney Branch (OCBC)

OCBC Sydney prints A$550 million three-year domestic deal

Volume: A$550m
Total outstanding in the line: A$550m
Coupon type: FRN
Coupon rate: 3m BBSW +62bps
Issue/re-offer price: par
Margin to swap: 62bps/3m BBSW
Maturity date: 23 May 2022

RACQ Bank (RACQ)

RACQ bank prints A$60 million three-year FRN deal

Volume: A$60m
Total outstanding in the line: A$60m
Coupon type: FRN
Coupon rate: 3m BBSW +105bps
Issue/re-offer price: par
Margin to swap: 105bps/3m BBSW
Maturity date: 23 May 2022

World Bank (World Bank)

World Bank prices A$800 million February 2024 Kangaroo tap

Volume: A$800m
Total outstanding in the line: A$2.1bn
Coupon type: fixed
Coupon rate: 2.2%
Issue/re-offer price: 101.921% (plus 0.517% accrued)
Issue yield: 1.7775%
Margin to swap: 34bps/s-q
Margin to ACGB: 46.85bps/April 2024
Maturity date: 27 February 2024

Source: KangaNews

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