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Tuesday 03 March 2015 by FIIG Research New issues list

New Issues

New issues and updates for the week ending 3 March 2015

BNG Bank

BNG Bank has added a further A$100m to its fixed bond line with a total outstanding of A$400m. The increase was released to the market a week ago.

Volume: A$100m
Coupon rate: 3.25%
Issue yield: 3.21%
Maturity date: 15 July 2025

Industrial Bank of Korea (IBK)

Last week, IBK priced its second Kangaroo bond issue, the first went to market in 2012. The fixed rate issue has a volume of A$350m with a term of five years.

Volume: A$350m
Coupon rate: 3.25%
Issue yield: 3.41%
Maturity date: 5 March 2020

Kommunalbanken Norway (KBN)

Last Thursday, KBN priced a new fixed rate deal in the Kangaroo market at 67.75bps over the Australian Commonwealth Government Bond (ACGB).

Volume: A$250m
Coupon rate: 2.6%
Issue yield: 2.625%
Maturity date: 4 September 2020

Macquarie Bank

Macquarie Bank, on February 26, priced a five year senior unsecured benchmark issue with a volume of A$1.5bn across two tranches, fixed and floating rate. The maturity date is 3 March 2020.

Fixed rate tranche
Volume: A$500m
Coupon rate: 3.25%
Issue yield: 3.3725%

Floating rate tranche
Volume: A$1bn
Coupon rate: 3m BBSW + 110bps
Issue/re-offer price: par

Nordic Investment Bank (NIB)

Yesterday, NIB priced an increase of A$200m to its 2020 line with a total outstanding of A$500m.

Volume: A$200m
Coupon rate: 2.70%
Issue yield: 2.465%
Maturity date: 4 February 2020

Oversea-Chinese Banking Corporation Sydney Branch (OCBC Sydney)

OCBC priced a new senior unsecured benchmark deal on February 27. The floating rate note issue has a total volume of A$300m.

Volume: A$300m
Coupon type: Floating rate note (FRN)
Coupon rate: 3m BBSW+81bps
Maturity date: 6 June 2019

Rentenbank

Rentenbank priced a new fixed rate bond offer on February 26. The deal has a volume of $250m at 55.75bps over the ACGB.

Volume: A$250m
Coupon rate: 2.70%
Issue yield: 2.745%
Maturity date: 5 September 2022

South Australian Government Financing Authority (SAFA)

The SAFA has increased its fixed rate line by syndication last Thursday adding $500m in volume. The total outstanding is currently A$1.27bn.

Volume: A$500m
Coupon rate: 4.25%
Issue yield: 2.83%
Maturity date: 20 November 2023

Suncorp-Metway (Suncorp)

Suncorp priced its 2015 debut residential mortgage backed securities (RMBS) deal on February 26. The transaction is named Apollo Series 2015-1 Trust and has a total volume of A$1.25bn across five tranches.

	Class A	Class AB	Class B1	Class B2	Class B3
Volume	A$1.15bn	A$62.5m	A$30m	$4.875m	A$2.625m
WAL	3.1 years	5.5 years	5.5 years	5.5 years	5.5 years
Margin to swap	1m BBSW+90bps	1m BBSW+175bps	1m BBSW+230bps	1m BBSW+310bps	1m BBSW+500bps

Volkswagen Financial Services (VWFS)

VWFS priced a new asset backed securities issue on 26 February named Driver Australia Two Trust. The total volume in this issue is A$436m across two tranches.

	Class A	Class B
Volume	A$436m	A$27m
WAL	1.72 years	2.62 years
Margin to swap	1m BBSW+75bps	1m BBSW+135bps

Source: KangaNews, FIIG Securities

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