Tuesday 03 September 2019 by FIIG Securities New issues list

New Issues - 19 August to 30 August

New issues for the week ending Friday 23 August 2019, including: ANZ, BNG, Eurofima, IADB, KDB, Mercedes-Benz, MUFG Sydney, NRW.Bank, NWB Bank, UBS Group, Volkswagen, Westpac

Week ending Friday 23 August 2019 

ANZ Banking Group (ANZ) 
Pricing details on ANZ’s A$3 billion domestic senior print
Three-year floating-rate tranche
Volume: A$1.2bn
Total outstanding in the line: A$1.2bn
Coupon rate: 3m BBSW +58bps
Issue/re-offer price: par
Margin to swap: 58bps/3m BBSW 
Maturity: 29 August 2022
Five-year floating-rate tranche
Volume: A$1.35bn
Total outstanding in the line: A$1.35bn
Coupon rate: 3m BBSW +77bps
Issue/re-offer price: par
Margin to swap: 77bps/3m BBSW 
Maturity: 29 August 2024

Five-year fixed-rate tranche
Volume: A$450m
Total outstanding in the line: A$450m
Coupon rate: 1.55%
Issue/re-offer price: 99.964%
Issue yield: 1.5575%
Margin to swap: 77bps/s-q
Maturity: 29 August 2024

BNG Bank (BNG) 
BNG Bank adds A$30 million to its 2028 Kangaroo 
Volume: A$30m
Total outstanding in the line: A$1.25bn
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 115.46%
Issue yield: 1.44%
Margin to swap: 51bps/s-q
Margin to ACGB: 53bp/May 2028
Maturity date: 17 July 2028

BNG Bank (BNG) 
BNG bank adds A$40 million to its 2029 Kangaroo
Volume: A$40m
Total outstanding in the line: A$845m
Coupon type: fixed 
Coupon rate: 3.3%
Issue/re-offer price: 115.758%
Issue yield: 1.5375%
Margin to swap: 52bps/s-q
Margin to ACGB: 57bps/April 2029
Maturity date: 26 April 2029

EUROFIMA (Eurofima)
Eurofima prices $A75 million May 2029 Kangaroo tap
Volume: A$75m
Total outstanding in the line: A$480m
Coupon type: fixed
Coupon rate: 3.35%
Issue/re-offer price: 115.794% (plus 0.91% accrued) 
Issue yield: 1.591%
Margin to swap: 62bps/s-q
Margin to ACGB: 66.1bps/April 2029
Maturity date: 21 May 2029


Inter-American Development Bank (IADB) 
IADB prints A$25 million June 2032 Kangaroo tap
Volume: A$25m
Total outstanding in the line: A$110m
Coupon type: fixed
Coupon rate: 3.29%
Issue/re-offer price: 119.669% (plus 0.611% accrued) 
Issue yield: 1.5875%
Margin to swap: 47bps/s-q
Margin to June 2031 ACGB: +57.95bps
Margin to April 2033 ACGB: +51.5bps
Maturity date: 28 June 2032

Inter-American Development Bank (IADB) 
IADB taps its 2028 Kangaroo by A$25 million
Volume: A$25m
Total outstanding in the line: A$680m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 113.696% (clean) 
Issue yield: 1.38%
Margin to swap: 41bps/s-q
Margin to ACGB: 42.5/May 2028
Maturity date: 22 February 2028

Korea Development Bank (KDB)
KDB prints A$700 million dual-tranche five-year Kangaroo 
FRN tranche
Volume: A$500m
Total outstanding in the line: A$500m
Coupon rate: 3m BBSW +78bps
Issue/re-offer price: par
Margin to swap: 78bps/3m BBSW
Fixed-rate tranche
Volume: A$200m
Total outstanding in the line: A$200m
Coupon rate: 1.5%
Issue/re-offer price: 99.653% 
Issue yield: 1.5725%
Margin to swap: 78bps/s-q
Maturity date: 29 August 2024

Mercedes-Benz Australia Pacific (Mercedes-Benz) 
Mercedes-Benz prices A$150 million new three-year deal 
Volume: A$150m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 1.625%
Issue/re-offer price: 99.968%
Issue yield: 1.636%
Margin to swap: 90bps/s-q swap
Maturity date: 30 August 2022

MUFG Bank Sydney Branch (MUFG Sydney) 
MUFG Sydney prints A$700 million three-year dual-tranche deal 
Floating-rate tranche
Volume: A$500m
Total outstanding in the line: A$500m
Coupon rate: 3m BBSW +68bps
Issue/re-offer price: par
Margin to swap: 68bps/3m BBSW
Fixed-rate tranche
Volume: A$200m
Total outstanding in the line: A$200m
Coupon rate: 1.35%
Issue/re-offer price: 99.854%
Issue yield: 1.4%
Margin to swap: 68bps/s-q
Maturity date: 29 August 2022

NRW.Bank (NRW) 
NRW.Bank prices A$100 million July 2024 Kangaroo tap 
Volume: A$100m
Total outstanding in the line: A$550m
Coupon type: fixed
Coupon rate: 1.6%
Issue/re-offer price: 101.582% (plus 0.122%) 
Issue yield: 1.2675%
Margin to swap: 50bps/s-q
Margin to ACGB: 59.5bps/April 2024
Maturity date: 31 July 2024

NWB Bank (NWB) 
NWB Bank adds A$15 million to May 2029 Kangaroo 
Volume: A$15m
Total outstanding in the line: A$710m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 115.283% (plus 1.058% accrued) 
Issue yield: 1.59%
Margin to swap: 59.7bps/s-q
Margin to ACGB: 65.75bps/April 2029
Maturity date: 2 May 2029

UBS Group (UBS)
UBS prints A$700 million Perpetual AT1 deal 
Volume: A$700m
Total outstanding in the line: A$700m
Coupon type: fixed
Coupon rate: 4.375%
Issue/re-offer price: par
Issue yield: 4.375%
Margin to swap: ND
Maturity date: perpetual

Volkswagen Financial Services Australia (Volkswagen) 
Full pricing details on Volkswagen Australia’s A$350 million five-year deal  
Volume: A$350m
Total outstanding in the line: A$350m
Coupon type: fixed
Coupon rate: 2.4%
Issue/re-offer price: 99.684% 
Issue yield: 2.4675%
Margin to swap: 168bps/s-q
Maturity date: 28 August 2024


Westpac Banking Corporation (Westpac) 
Westpac prints A$1 billion 10NC5 tier-two deal 
Volume: A$1bn
Total outstanding in the line: A$1bn
Coupon type: FRN
Coupon rate: 3m BBSW +198bps
Issue/re-offer price: par
Margin to swap: 198bps/3m BBSW
Maturity date: 27 August 2029



New issues for the week ending Friday 30 August 2019, including: BEN, BNG, IADB, Liberty, Macquarie, Rentenbank, Suncorp. 

Week ending Friday 30 August 2019 

Bendigo and Adelaide Bank (BEN) 
BEN prints A$500 million five-year dual-tranche deal
FRN tranche
Volume: A$300m
Total outstanding in the line: A$300m
Coupon rate: 3m BBSW +97bps
Issue/re-offer price: par
Margin to swap: 97bps/3m BBSW
Fixed-rate tranche
Volume: A$200m
Total outstanding in the line: A$200m
Coupon rate: 1.7%
Issue/re-offer price: 99.869% 
Issue yield: 1.7275%
Margin to swap: 97bps/s-q
Maturity date: 6 September 2024

BNG Bank (BNG) 
BNG Bank prints A$20 million July 2028 Kangaroo increase
Volume: A$20m
Total outstanding in the line: A$1.27bn
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 115.768% (plus 0.439% accrued) 
Issue yield: 1.4025%
Margin to swap: 51bps/s-q
Margin to ACGB: 53.15bps/May 2028
Maturity date: 17 July 2028

Inter-American Development Bank (IADB)  
IADB prints new AS$50 million two-year Kangaroo
Volume: A$50m
Total outstanding in the line: A$50m
Coupon type: fixed
Coupon rate: 0.885%
Issue/re-offer price: par
Issue yield: 0.885%
Margin to swap: +18bps
Margin to ACGB: 16.7bps/May 2021
Maturity date: 13 September 2021

Liberty Financial (Liberty)  
Liberty prints A$200 million 3.5-year FRN deal 
Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: FRN
Coupon rate: 3m BBSW +260bps
Issue/re-offer price: par
Margin to swap: 260bps/3m BBSW
Maturity date: 6 March 2023

Macquarie Bank (Macquarie)  
Macquarie Bank prints A$115 million June 2022 FRN tap 
Volume: A$115m
Total outstanding in the line: A$1.265bn 
Coupon type: FRN
Coupon rate: 3m BBSW +75bps
Issue/re-offer price: 100.146% (plus 0.409% accrued) 
Margin to swap: 70bps/3m BBSW
Maturity date: 21 June 2022

Rentenbank (Rentenbank) 
Rentenbank prints A$200 million tap of its May 2029 Kangaroo 
Volume: A$200m
Total outstanding in the line: A$450m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 116.411% 
Issue yield: 1.39%
Margin to swap: 44bps/s-q 
Margin to ACGB: 48.5bps/April 2029
Maturity date: 25 May 2029

Suncorp Metway (Suncorp) 
Suncorp prints A$350 million one-year domestic FRN
Volume: A$350m
Total outstanding in the line: A$350m
Coupon type: FRN
Coupon rate: 3m BBSW +40bps
Issue/re-offer price: par
Margin to swap: 40bps/3m BBSW
Maturity date: 24 August 2020

Source: KangaNews

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