Tuesday 12 November 2019 by FIIG Securities New issues list

New Issues 28 October - 8 November

New issues for the week ending Friday 1 November 2019, 

BNG Bank (BNG) 
BNG Bank prints A$100 million increase to April 2029 Kangaroo 
Volume: A$100m
Total outstanding in the line: A$995m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 114.081%
Issue yield: 1.685%
Margin to swap: 52bps/s-q
Margin to ACGB: 55bps/April 2029
Maturity date: 26 April 2029

BNG Bank (BNG) 
BNG Bank prints A$30 million April 2029 Kangaroo tap 
Volume: A$30m
Total outstanding in the line: A$1.025bn
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 113.917%
Issue yield: 1.7025%
Margin to swap: 52bps/s-q
Margin to ACGB: 55.65bps/April 2029
Maturity date: 26 April 2029

Coles Group (Coles) 
Coles prints A$600 million dual-tranche deal
7-year tranche
Volume: A$300m
Total outstanding in the line: A$300m
Coupon type: fixed
Coupon rate: 2.2%
Issue/re-offer price: 99.678%
Issue yield: 2.25%
Margin to swap: 117bps/s-q
Maturity date: 6 November 2026
10-year tranche
Volume: A$300m
Total outstanding in the line: A$300m
Coupon type: fixed
Coupon rate: 2.65%
Issue/re-offer price: 99.717%
Issue yield: 2.6825%
Margin to swap: 142bps/s-q
Maturity date: 6 November 2029

Endeavour Energy Group (Endeavour Energy) 
Endeavour Energy prints A$350 million seven-year transaction
Volume: A$350m
Total outstanding in the line: A$350m
Coupon type: fixed
Coupon rate: 2.25%
Issue/re-offer price: 99.664%
Issue yield: 2.3025%
Margin to swap: 123bps/s-q
Maturity date: 11 November 2026

Origin Energy Finance (Origin) 
Origin prints A$300 million eight-year deal
Volume: A$300m
Total outstanding in the line: A$300m
Coupon type: fixed
Coupon rate: 2.65%
Issue/re-offer price: 99.714%
Issue yield: 2.69%
Margin to swap: 155bps/s-q
Maturity date: 11 November 2027

Verizon Communications (Verizon) 
Verizon prices A1.25 billion multi-tranche Kangaroo
6.5-year tranche
Volume: A$450m
Total outstanding in the line: A$450m
Coupon type: fixed
Coupon rate: 2.1%
Issue/re-offer price: 99.804%
Issue yield: 2.1325%
Margin to swap: 110bps/s-q
10.5-year tranche
Volume: A$300m
Total outstanding in the line: A$300m
Coupon type: fixed
Coupon rate: 2.65%
Issue/re-offer price: 99.818%
Issue yield: 2.67%
Margin to swap: 140bps/s-q
20-year tranche
Volume: A$500m
Total outstanding in the line: A$500m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: par
Issue yield: 3.5%
Margin to swap: 195.25bps equivalent/s-q


New issues for the week ending Friday 8 November 2019

BNG Bank (BNG) 
BNG Bank prints A$25 million April 2029 Kangaroo increase
Volume: A$25m
Total outstanding in the line: A$1.065bn
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 112.823% (plus 0.153% accrued) 
Issue yield: 1.8175%
Margin to swap: 52bps/s-q
Margin to ACGB: 55.25bps/April 2029
Maturity date: 26 April 2029

BNG Bank (BNG) 
BNG Bank prices A$15 million April 2029 Kangaroo tap 
Volume: A$15m
Total outstanding in the line: A$1.08bn
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 113.497% (plus 0.153% accrued) 
Issue yield: 1.745%
Margin to swap: 52bps/s-q
Margin to ACGB: 54.5bps/April 2029
Maturity date: 26 April 2029

BNG Bank (BNG) 
Full pricing details on BNG Bank’s A$100 million April 2029 increase
Volume: A$100m
Total outstanding in the line: A$1.18bn
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 113.071%
Issue yield: 1.79%
Margin to swap: 52bps/s-q
Margin to ACGB: 58.25bps/April 2029
Maturity date: 26 April 2029
Citibank N.A. Sydney Branch (Citibank) 
Citibank Sydney prints A$750 million dual-tranche deal

Three-year tranche
Volume: A$300m
Total outstanding in the line: A$300m
Coupon type: FRN
Coupon rate: 3m BBSW +72bps
Issue/re-offer price: par
Margin to swap: 72bps/3m BBSW
Maturity date: 14 November 2022
Five-year tranche
Volume: A$450m
Total outstanding in the line: A$450m
Coupon type: FRN
Coupon rate: 3m BBSW +88bps
Issue/re-offer price: par
Margin to swap: 88bps/3m BBSW
Maturity date: 14 November 2024

Inter-American Development Bank (IADB) 
IADB prints A$100 million October 2025 Kangaroo increase 
Volume: A$100m
Total outstanding in the line: A$1.295bn
Coupon type: fixed
Coupon rate: 2.75%
Issue/re-offer price: 107.498% (plus 0.15% accrued) 
Issue yield: 1.43%
Margin to swap: 38bps/s-q
Margin to ACGB: 46.9bps/April 2025
Maturity date: 30 October 2025

Macquarie University (Macquarie) 
Macquarie University prices A$250 million dual-tranche sustainability bond
10.5-year tranche
Volume: A$160m
Total outstanding in the line: A$160m
Coupon type: fixed
Coupon rate: 2.25%
Issue/re-offer price: 99.005%
Issue yield: 2.3575%
Margin to swap: 93bps/s-q
Maturity date: 22 May 2030
25-year tranche
Volume: A$90m
Total outstanding in the line: A$90m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: par
Issue yield: 3.1%
Margin to swap: ND
Maturity date: 22 November 2044


National Australia Bank (NAB) 
NAB prints A$1.4 billion 12NC7 tier-two deal 
Floating-rate tranche
Volume: A$1.175bn
Total outstanding in the line: A$1.175bn
Coupon rate: 3m BBSW +202bps
Issue/re-offer price: par
Margin to swap: 202bps/3m BBSW
Fixed-rate tranche
Volume: A$225m
Total outstanding in the line: A$225m
Coupon rate: 3.225%
Issue/re-offer price: par
Issue yield: 3.225%
Margin to swap: 202bps/s-q
Maturity date: 18 November 2031


Source: KangaNews

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