Wednesday 27 November 2019 by FIIG Research New issues list

New Issues 15 - 22 November

New issues for the week ending Friday15 November 2019

Lonsdale Finance, the financing entity of Port of Melbourne
Port of Melbourne prints A$550 million seven-year deal
Volume: A$550m
Total outstanding in the line: A$550m
Coupon type: fixed
Coupon rate: 2.45%
Issue/re-offer price: 99.872%
Issue yield: 2.47%
Margin to swap: 130bps/s-q
Maturity date: 20 November 2026

New South Wales Treasury Corporation (TCORP)

TCORP nets $1.8 billion in March 2025 sustainability bond
Volume: A$1.8bn
Total outstanding in the line: A$1.8bn
Coupon type: fixed
Coupon rate: 1.25%
Issue/re-offer price: 100.025% (plus 0.213% accrued)
Issue yield: 1.245%
Margin to ACGB: 30.15bps/April 2025
Margin to three-year futures contract: +43.5bps
Maturity date: 20 March 2025

NWB Bank 
NWB Bank prints A$100 million increase to May 2029 Kangaroo
Volume: A$100m
Total outstanding in the line: A$810m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 112.803%
Issue yield: 1.82%
Margin to swap: 52bps/s-q
Margin to ACGB: 54bps/April 2029
Maturity date: 2 May 2029

OP Corporate Bank (OP Bank) 
OP Bank prints A$200 million five-year senior non-preferred FRN
Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: FRN
Coupon rate: 3m BBSW +115bps
Issue/re-offer price: par
Margin to swap: 115bps/3m BBSW
Maturity date: 25 November 2024

South Australian Government Financing Authority (SAFA) 
SAFA adds A$1 billion to May 2030 benchmark
Volume: A$1bn
Total outstanding in the line: A$1.75bn
Coupon type: fixed
Coupon rate: 2.75%
Issue/re-offer price: 108.620% (plus 1.308% accrued)
Issue yield: 1.845%
Margin to 10-year futures contract: +56bps
Margin to ACGB: 55.05bps/May 2030
Maturity date: 24 May 2030

New issues for the week ending Friday 22 November 2019


David Jones Finance
(David Jones) 
David Jones prints A$300 million six-year FRN deal
Volume: A$300m
Total outstanding in the line: A$300m
Coupon type: FRN
Coupon rate: 3m BBSW +375bps
Issue/re-offer price: par
Margin to swap: 375bps/3m BBSW
Maturity date: 28 November 2025

National Housing Finance and Investment Corporation (NHFIC) 
NHFIC nets A$315 million in May 2030 Social Bond
Volume: A$315m
Total outstanding in the line: A$315m
Coupon type: fixed
Coupon rate: 1.52%
Issue/re-offer price: par
Issue yield: 1.52%
Margin to 10-year futures contract: +39bps
Margin to ACGB: 37.8bps/May 2030
Maturity date: 27 May 2030

NextEra Energy Capital Holdings (NextEra) 
Nextera Energy prices A$500 million seven-year green Kangaroo deal
Volume: A$500m
Total outstanding in the line: A$500m
Coupon type: fixed
Coupon rate: 2.2%
Issue/re-offer price: 99.726%
Issue yield: 2.2425%
Margin to swap: 125bps/s-q
Maturity date: 20 November 2026

Qantas Airways (Qantas) 
Qantas prints A$425 million 10-year deal
Volume: A$425m
Total outstanding in the line: A$425m
Coupon type: fixed
Coupon rate: 2.95%
Issue/re-offer price: 99.691%
Issue yield: 2.986%
Margin to swap: 180bps/s-q
Maturity date: 27 November 2029

Sumitomo Mitsui Banking Corporation Sydney Branch (SMBC) 
SMBC Sydney prices A$750 million three-year FRN deal 
Volume: A$750m
Total outstanding in the line: A$750m
Coupon type: FRN
Coupon rate: 3m BBSW +73bps
Issue/re-offer price: par
Margin to swap: 73bps/3m BBSW
Maturity date: 29 November 2022

Source: KangaNews

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