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Tuesday 21 April 2015 by FIIG Research New issues list

New Issues

New issues and updates for the week ending 21 April 2015

BPCE

On 17 April, BPCE priced its second ever deal in the local market across two tranches, fixed and floating rate notes (FRNs) with a maturity date of 24 April 2020.

Fixed

Volume: A$450m
Coupon rate: 3.50%
Issue yield: 3.561%
Margin to swap: 130bps over semi quarterly swap rate

FRN

Volume: A$350 million
Coupon rate: 3m BBSW + 130bps
Margin to swap: 130bps over 3m BBSW

Kommunalbanken Norway (KBN)

Also on 17 April, KBN added A$50m to its existing 2025 fixed rate bond offer. Then on 20 April, KBN added a further A$75m to this line.

Total outstanding in this line: A$750m
Coupon rate: 4.25%
Issue yield: 2.9925%
Maturity date: 16 July 2025

Kommuninvest

On 16 April, Kommuninvest launched a new 10 year fixed rate bond at 70bps over the Australian Commonwealth Government Bond (ACGB).

Volume: A$100m
Coupon rate: 2.9%
Issue yield: 2.97%
Maturity date: 22 October 2025

L-Bank

Yesterday, L-Bank added A$75m to its 2025 fixed rate bond line.

Total outstanding in this line: A$275m
Coupon rate: 4.25%
Issue yield: 2.9925%
Maturity date: 7 August 2025

Municipality Finance (MuniFin)

MuniFin added A$75m to its fixed rate 2024 bond line on 17 April.

Total outstanding in this line: A$500m
Coupon rate: 5.00%
Issue yield: 2.875%
Maturity date: 22 October 2025

Rentenbank

Also last Thursday, Rentenbank added A$200m to its existing 2025 bond.

Total outstanding in this line: A$1bn
Coupon rate: 4.25%
Issue yield: 2.8175%
Maturity date: 9 January 2025

South Australian Government Financing Authority (SAFA)

Last week, SAFA priced a new fixed rate deal at 53bps over the ACGB.

Volume: A$500m
Coupon rate: 2.75%
Issue yield: 2.835%
Maturity date: 16 April 2025

Source: KangaNews, FIIG Securities

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