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Tuesday 05 May 2015 by FIIG Research New issues list

New Issues

New issues from 29 April - 5 May 2015 including: Bendigo Bank, BNG Bank, FMS Wertmanagement, Heritage Bank, Inter-American Development Bank and Nederlandse Waterschapsbank

Bendigo and Adelaide Bank (BEN)

On 30 April, BEN announced its successful completion of the bookbuild for its hybrid transaction, called Convertible Preference Shares 3 “CPS3”. The margin has been set at 400 bps over the bank bill swap rate (BBSW) with an increase in the offer size to A$225m.

BNG Bank

On 28 April BNG Bank added $50m to its fixed rate 2025 bond line priced at 69.5 bps over the Australian Commonwealth Government Bond (ACGB).

Total outstanding in this line: A$625m
Coupon rate: 3.25%
Issue yield: 3.255%
Maturity date: 15 July 2015

FMS Wertmanagement

On 30 April, FMS Wertmanagement priced a new fixed rate issue at 61.25 bps over the ACGB.

Volume: A$300
Coupon rate: 2.75%
Issue yield: 2.595%
Maturity date: 8 May 2019

Heritage Bank

Heritage Bank issued a new floating rate note (FRN) on 29 April.

Volume: A$200
Coupon type: FRN
Coupon rate: 3m BBSW + 115 bps
Maturity date: 7 May 2018

Inter-American Development Bank (IADB)

IADB priced an increase to its 2025 fixed rate bond line on 1 May adding A$100m to the total outstanding.

Total outstanding in this line: A$300m
Coupon rate: 2.75%
Issue yield: 3.2075%
Maturity date: 30 October 2025

Nederlandse Waterschapsbank (NWB)

On 28 April, NWB added A$50m to its 2025 fixed rate bond line - priced at 70.75 bps over the ACGB.

Total outstanding in this line: A$200m
Coupon rate: 3.4%
Issue yield: 3.2725%
Maturity date: 22 July 2025

Source: KangaNews, FIIG Securities

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