Wednesday 10 July 2019 by FIIG Securities New issues list

New Issues - 24 June to 5 July

New issues for the week ending Friday 5 July 2019, including: BNG, GPT, ME Bank, Rabobank Australia, TD.

BNG Bank (BNG)

BNG Bank prices A$25 million April 2029 Kangaroo tap

Volume: A$25m
Total outstanding in the line: A$580m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 112.359% 
Issue yield: 1.91%
Margin to swap: 52bps/s-q
Margin to ACGB: 61bps/April 2029
Maturity date: 26 April 2029

GPT Funds Management (GPT)

GPT Funds prints A$200 Million 6.5-year deal

Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: fixed
Coupon rate: 2.525%
Issue/re-offer price: par
Issue yield: 2.525%
Margin to swap: 130bps-q
Maturity date: 12 January 2026

ME Bank (ME Bank)

ME Bank prints A$400 million three-year FRN deal

Volume: A$400m
Total outstanding in the line: A$400m
Coupon type: FRN
Coupon rate: 3m BBSW +98bps
Issue/re-offer price: par
Margin to swap: 98bps/3m BBSW
Maturity date: 18 July 2022

Rabobank Australia Branch (Rabobank Australia)  

Rabobank Australia prints A$150 million March 2022 tap 

Volume: A$150m
Total outstanding in the line: A$650m
Coupon type: FRN
Coupon rate: 3m BBSW +108bps
Issue/re-offer price: 101.465%
Margin to swap: 62bps/3m BBSW
Maturity date: 3 March 2022

Toronto-Dominion Bank (TD)

TD Bank prints A$1.25 billion July 2024 Bail-in Kangaroo deal

Fixed-rate tranche
Volume: A$550m
Total outstanding in the line: A$550m
Coupon rate: 2.05%
Issue/re-offer price: 99.776% 
Issue yield: 2.0975%
Margin to swap: 100bps/s-q

Floating-rate tranche
Volume: A$700m
Total outstanding in the line: A$700m
Coupon rate: 3m BBSW +100bps
Issue/re-offer price: par
Margin to swap: 100bps/3m BBSW

Maturity date: 10 July 2024

New issues for the week ending Friday 24 June 2019, including: BOQ, EIB, KFW, TCORP, Standard Chartered.
 

Bank of Queensland (BOQ)

BOQ prints A$50 million February 2023 tap

Volume: A$50m
Total outstanding in the line: A$600m
Coupon type: FRN
Coupon rate: 3m BBSW +105bps
Issue/re-offer price: 100.310% (plus 0.427% accrued)
Margin to swap: 97bps/3m BBSW
Maturity date: 3 February 2023

European Investment Bank (EIB)

EIB prices A$100 million May 2029 Kangaroo tap

Volume: A$100m
Total outstanding in the line: A$350m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 112.302% 
Issue yield: 1.9275%
Margin to swap: 46bps/s-q
Margin to ACGB: 57.75bps/April 2029
Maturity date: 25 May 2029

KfW Bankengruppe (KFW)

KFW adds $100 million to February 2025 Kangaroo

Volume: A$100m
Total outstanding in the line: A$1.95bn
Coupon type: fixed
Coupon rate: 4%
Issue/re-offer price: 113.529%
Issue yield: 1.4925%
Margin to swap: 38bps/s-q
Margin to ACGB: 41bps/April 2025
Maturity date: 27 February 2025

New South Wales Treasury Corporation (TCORP)

TCORP prints A$2 billion April 2029 Syndicated tap 

Volume: A$2bn
Total outstanding in the line: A$4.9371bn
Coupon type: fixed
Coupon rate: 3%
Issue/re-offer price: 110.466% 
Issue yield: 1.83%
Margin to EFP: +53bps 
Margin to ACGB: 53.4bps/April 2029
Maturity date: 20 April 2029

Standard Chartered (Standard Chartered)

Standard Chartered nets A$1 billion in 6NC5 Kangaroo deal

Fixed-rate tranche
Volume: A$600m
Total outstanding in the line: A$600m
Coupon rate: 2.9%
Issue/re-offer price: 99.838%
Issue yield: 2.935%
Margin to swap: 185bps/s-q

FRN tranche:
Volume: A$400m
Total outstanding in the line: A$400m
Coupon rate: 3m BBSW +185bps
Issue/re-offer price: par
Margin to swap: 185bps/3m BBSW

Maturity date: 28 June 2025

Source: KangaNews

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