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Tuesday 18 July 2017 by FIIG Research New issues list

New Issues

New issues for the period 11 July 2017 – 18 July 2017 including: African Development Bank, Asian Development Bank, AOFM, NAB and more

African Development Bank (AFDB)

AFDB priced an increase to its 2027 kangaroo bond on 12 July 2017.

Volume: A$60m
Outstanding volume in this line: A$260m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re offer price: 100.127% (minus 0.027% accrued)
Issue yield: 3.285%
Margin to swap: 47bps
Margin to ACGB: 61.5bps/April 2027
Maturity date: 27 July 2027

Asian Development Bank (ADB)

ADB priced increases to its March 2022 and September 2027 kangaroo bonds on 11 July 2017.

2022 increase
Volume: A$200m
Outstanding volume in this line: A$1bn
Coupon type: fixed
Coupon rate: 5%
Issue/re offer price: 110.363%
Issue yield: 2.615%
Margin to swap: 31bps
Margin to ACGB: 35.25bps/July 2022
Maturity date: 9 March 2022

2027 increase
Volume: A$100m
Outstanding volume in this line: A$550m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re offer price: 100.940%
Issue yield: 3.29%
Margin to swap: 45bps
Margin to ACGB: 59.75bps/April 2027
Maturity date: 10 September 2027

Australian Office of Financial Management (AOFM)

AOFM priced an increase to its 2039 benchmark bond on 11 July 2017.

Volume: A$2.3bn
Outstanding volume in this line: A$6.3bn
Coupon type: fixed
Coupon rate: 3.25%
Issue/re offer price: 97.618%
Issue yield: 3.405%
Margin to EFP: 65bps
Maturity date: 21 June 2039

Kommunalbanken Norway (KBN)

KBN priced an increase to its December 2026 kangaroo bond on 12 July 2017.

Volume: A$25m
Outstanding volume in this line: A$385m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 96.903%
Issue yield: 3.3875%
Margin to swap: 60bps
Margin to ACGB: 75.75bps/April 2027
Maturity date: 9 December 2026

National Australia Bank (NAB)

NAB priced an increase to its 2019 floating rate note on 12 July 2017.

Volume: A$200m
Outstanding volume in this line: A$2.2bn
Coupon type: floating rate note
Coupon rate: 3m BBSW +82bps
Issue/re offer price: 100.604% (plus 0.357% accrued)
Margin to swap: 56bps/3m BBSW
Maturity date: 27 November 2019

NWB Bank (NWB)

NWB priced an increase to its July 2027 kangaroo bond on 11 July 2017.

Volume: A$25m
Outstanding volume in this line: A$150m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 100.273%
Issue yield: 3.4675%
Margin to swap: 63bps
Margin to ACGB: 77.5bps/April 2027
Maturity date: 20 July 2027

Toyota Finance Australia (TFA)

TFA issued a new, one year floating rate note on 17 July 2017.

Volume: A$250m
Outstanding volume in this line: A$250m
Coupon type: floating rate note
Coupon rate: 3m BBSW +30bps
Issue/re offer price: par
Margin to swap: 30bps/3m BBSW
Maturity date: 20 July 2018

University of Technology Sydney (UTS)

UTS issued A$300m in its debut domestic bond deal on 11 July 2017.

Volume: A$300m
Outstanding volume in this line: A$300m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re offer price: 99.382%
Issue yield: 3.825%
Margin to swap: 97bps
Maturity date: 20 July 2027

Source: KangaNews/FIIG Securities

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