Wednesday 12 June 2019 by FIIG Securities New issues list

New Issues - 3 June to 12 June

New issues for the week ending Friday 31 May 2019, including: BNG Bank, Deutsche Bahn, EDC, EIB, Eurofima, Regatta Capital


Week ending Friday 31 May 2019 

BNG BANK (BNG) 
BNG Bank prints A$300 million long six-year Kangaroo sustainability bond 
Volume: A$300m
Total outstanding in the line: A$300m
Coupon type: fixed
Coupon rate: 1.9%
Issue/re-offer price: 99.894% 
Issue yield: 1.9175%
Margin to swap: 50bps/s-q
Margin to ACGB: 66.75bps/April 2025
Margin to EFP: +82.75bps
Maturity date: 26 November 2025

Deutsche Bahn (Deutsche Bahn)
Deutsche Bahn prints A$115 million 10-year Kangaroo deal 
Volume: A$115m
Total outstanding in the line: A$115m
Coupon type: fixed
Coupon rate: 2.518%
Issue/re-offer price: par
Issue yield: 2.518%
Margin to swap: 84bps/s-q
Maturity date: 7 June 2029

Export Development Canada (EDC)
EDC prints A$200 million increase to May 2023 Kangaroo 
Volume: A$200m
Total outstanding in the line: A$1bn
Coupon type: fixed
Coupon rate: 2.8%
Issue/re-offer price: 104.608% 
Issue yield: 1.595%
Margin to swap: 35bps/s-q
Margin to ACGB: 45bps/April 2023
Maturity date: 31 May 2023

European Investment Bank (EIB) 
EIB prices A$400 million five-year climate-awareness bond
Volume: A$400m
Total outstanding in the line: A$400m
Coupon type: fixed
Coupon rate: 1.7%
Issue/re-offer price: 99.754% (plus 0.125% accrued) 
Issue yield: 1.7475%
Margin to swap: 38bps/s-q
Margin to ACGB: 54.25bps/April 2024
Maturity date: 15 November 2024

EUROFIMA (Eurofima) 
Eurofima adds A$25 million to May 2029 Kangaroo 
Volume: A$25m
Total outstanding in the line: A$275m
Coupon type: fixed
Coupon rate: 3.35%
Issue/re-offer price: 109.482% (plus 0.146% accrued)
Issue yield: 2.28%
Margin to swap: 62bps/s-q
Margin to ACGB: 74.85bps/April 202
Maturity date: 21 May 2029

Regatta Capital Funds Management (Regatta Capital)
Full pricing details on Regatta Capital’s A$15 million two-year domestic deal 
Volume: A$15m
Total outstanding in this line: A$15m
Coupon type: fixed
Coupon rate: 8.5 per cent
Issue/re-offer price: par
Issue yield: 8.5 per cent
Margin to swap: ND 
Maturity date: 28 May 2021

New issues for the week ending Friday 7 June 2019, including: BNG, BOC, Eurofima, IADB, KFW, NEXTDC, PACCAR, SAFA, TCV
 
BNG BANK (BNG) 
BNG Bank adds A$25 million to April 2029 Kangaroo 
Volume: A$25m
Total outstanding in the line: A$480m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 110.539% 
Issue yield: 2.11%
Margin to swap: 52bps/s-q
Margin to ACGB: 63.5bps/April 2029
Maturity date: 26 April 2029

Bank of China Sydney Branch (BOC) 
BOC Sydney prices A$50 million November 2021 increase 
Volume: A$50m 
Total outstanding in the line: A$550m
Coupon type: FRN
Coupon rate: 3m BBSW +103bps
Issue/re-offer price: 100.434% (plus 0.197%)
Margin to swap: 86.5bps/3m BBSW
Maturity date: 15 November 2021

Eurofima (Eurofima) 
Eurofima prints A$20 million May 2029 Kangaroo increase 
Volume: A$20m
Total outstanding in the line: A$295m
Coupon type: fixed
Coupon rate: 3.35%
Issue/re-offer price: 109.969% (plus 0.246% accrued) 
Issue yield: 2.225%
Margin to swap: 62bps/s-q
Margin to ACGB: 73.5bps/April 2029
Maturity date: 21 May 2029

Inter-American Development Bank (IADB)  
IADB taps its February 2028 Kangaroo for A$50 million 
Volume: A$50m
Total outstanding in the line: A$655m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 109.245% 
Issue yield: 1.9375%
Margin to swap: 41bps/s-q
Margin to ACGB: 49bps/May 2028
Maturity date: 22 February 2028

KfW Bankengruppe (KFW) 
KFW prints A$200 million June 2022 Kangaroo Increase 
Volume: A$200m
Total outstanding in the line: A$1.2bn
Coupon type: fixed
Coupon rate: 2.9%
Issue/re-offer price: 104.809% (plus 0.087% accrued) 
Issue yield: 1.4875%
Margin to swap: 33bps/s-q
Margin to ACGB: 40.55bps/July 2022
Maturity date: 6 June 2022

NEXTDC (NEXTDC) 
NEXTDC prices A$200 million dual – tranche June 2022 notes increase
Floating-rate tranche
Volume: A$170m
Total outstanding in the line: A$370m
Coupon rate: 3m BBSW +375bps
Issue/re-offer price: par
Margin to swap: 375bps/3m BBSW

Fixed-rate tranche
Volume: A$30m
Total outstanding in the line: A$130m
Coupon rate: 6%
Issue/re-offer price: 102.466% (plus 0.033% accrued) 
Issue yield: 4.918%
Margin to swap: 375bps/s-q
Maturity date: 9 June 2022

PACCAR Financial (PACCAR) 
Full pricing details on PACCAR Financial’ s A$150 million four-year deal 
Volume: A$150m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 2.1%
Issue/re-offer price: 99.952% 
Issue yield: 2.1125%
Margin to swap: 88bps/s-q
Maturity date: 13 June 2023

South Australian Government Financing Authority (SAFA) 
SAFA prints A$500 million inaugural aonia-linked FRN deal  
Volume: A$500m
Total outstanding in the line: A$500m
Coupon type: FRN
Coupon rate: AONIA +41bps
Issue/re-offer price: par
Margin to swap: 41bps/AONIA
Maturity date: 12 June 2020

Treasury Corporation of Victoria (TCV) 
TCV prints new A$267 million November 2034 line by syndication
Volume: A$267m
Total outstanding in the line: A$267m
Coupon type: fixed
Coupon rate: 2.25%
Issue/re-offer price: 98.774% 
Issue yield: 2.345% 
Margin to ACGB: 57.5bps/June 3035
Margin to EFP: +83.5bps
Maturity date: 20 November 2034

Source: KangaNews

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