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Tuesday 04 July 2017 by FIIG Research New issues list

New Issues

New issues for the period 27 June 2017 – 4 July 2017 including: ANZ, Auckland Council, BNG Bank, Crédit Agricole London Branch, Municipality Finance, NAB and NWB Bank

ANZ

ANZ priced an increase to its April 2020 domestic benchmark bond on 3 July 2017.

Volume: A$500m
Outstanding volume in this line: A$3bn
Coupon type: floating rate note
Coupon rate: 3M BBSW +82bps
Issue/re offer price: 100.528% (plus 0.559% accrued)
Margin to swap: 62.5bps/3M BBSW
Maturity date: 17 April 2020

Auckland Council

Auckland Council priced an increase to its September 2027 kangaroo bond on 28 June 2017.

Volume: A$70m
Outstanding volume in this line: A$200m
Coupon type: fixed
Coupon rate: 2.9%
Issue/re offer price: 96.296 (plus 0.875% accrued)
Issue yield: 3.331%
Margin to swap: 70bps
Margin to ACGB: 84.6bps/Nov 2027
Maturity date: 16 September 2027

BNG Bank

BNG Bank priced a A$25m increase to its July 2027 kangaroo bond on 28 June 2017.

Volume: A$25m
Outstanding volume in this line: A$675m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 102.319%
Issue yield: 3.2275%
Margin to swap: 64bps
Margin to ACGB: 80.25bps/April 2027
Maturity date: 19 July 2027

Crédit Agricole London Branch (Crédit Agricole)

Crédit Agricole issued A$500m of non preferred senior bonds on 29 June 2017.

Volume: A$500m
Outstanding volume in this line: A$500m
Coupon type: fixed
Coupon rate: 4.4%
Issue/re offer price: 99.8%
Issue yield: 4.425%
Margin to swap: 175bps
Margin to ACGB: 193.125bps/April 2027
Maturity date: 6 July 2027

Municipality Finance (MuniFin)

MuniFin priced an increase to its July 2027 kangaroo bond on 27 June 2017.

Volume: A$25m
Outstanding volume in this line: A$75m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re offer price: 102.264% (clean)
Issue yield: 3.135%
Margin to swap: 62bps
Margin to ACGB: 78.5bps/Apr 2027
Maturity date: 13 July 2027

National Australia Bank (NAB)

NAB issued A$2.25bn in a dual tranche fixed and floating rate bond on 27 June 2017.

Floating rate tranche
Volume: A$2.05bn
Outstanding volume in this line: A$2.05bn
Coupon rate: 3M BBSW +90bps
Issue/re offer price: par
Margin to swap: 90bps/3M BBSW
Maturity date: 5 July 2022

Fixed rate tranche
Volume: A$200m
Outstanding volume in this line: A$200m
Coupon rate: 3%
Issue/re offer price: 99.781%
Issue yield: 3.0475%
Margin to swap: 90bps
Maturity date: 5 July 2022

NWB Bank (NWB)

NWB priced an increase to its July 2027 kangaroo bond on 27 June 2017.

Volume: A$60m
Outstanding volume in this line: A$110m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 102.992% (clean)
Issue yield: 3.15%
Margin to ACGB: 80bps/April 2027
Margin to swap: 64bps
Maturity date: 20 July 2027

Source: KangaNews/FIIG Securities

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