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Tuesday 01 August 2017 by FIIG Research New issues list

New Issues

New issues for the period 26 July 2017 – 1 August 2017 including: African Development Bank, Australian Catholic University, European Investment Bank, International Finance Corporation, Municipality Finance, National Australia Bank, QT Mutual Bank, Retenbank and World Bank.

African Development Bank (ADFB)

ADFB priced an increase to its July 2027 kangaroo bond on 26 July 2017.

Volume: A$40m
Outstanding volume in this line: A$300m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 100.274%
Issue yield: 3.2675%
Margin to swap: 47bps
Margin to ACGB: 59.75bps/April 2027
Maturity date: 27 July 2027

Australian Catholic University (ACU)

ACU issued a new, A$200m domestic bond on 25 July 2017.

10 year fixed rate
Volume: A$200m
Outstanding volume in this line: A$200 million
Coupon type: fixed
Coupon rate: 3.70%
Issue/re-offer price: 99.648%
Issue yield: 3.7425%
Margin to swap: 97bps
Margin to ACGB: 110.5bps/April 2027
Maturity date: 3 August 2027

European Investment Bank (EIB)

EIB issued a new, A$200m climate awareness domestic bond on 25 July 2017.

Volume: A$200m
Outstanding volume in this line: A$200m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re offer price: 99.517%
Issue yield: 3.355%
Margin to swap: 55bps
Margin to ACGB: 66.5bps/November 2027
Maturity date: 3 February 2028

International Finance Corporation (IFC)

IFC priced an increase to its 2022 kangaroo bond on 25 July 2017.

Volume: A$150m
Outstanding volume in this line: A$1.15bn
Coupon type: fixed
Coupon rate: 2.8%
Issue/re offer price: 101.128%
Issue yield: 2.56%
Margin to swap: 21bps
Margin to ACGB: 36.75bps/July 2022
Maturity date: 15 August 2022

Municipality Finance (Munifin)

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

Volume: A$25m
Outstanding volume in this line: A$100m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re-offer price: 100.166%
Issue yield: 3.38%
Margin to swap: 62bps
Margin to ACGB: 75bps/April 2027
Maturity date: 13 July 2027

National Australia Bank (NAB)

NAB issued a new, A$2.4bn three year dual tranche domestic bond.

FRN tranche
Volume: A$2.15bn
Outstanding volume in this line: A$2.15bn
Coupon rate: 3m BBSW+ 62bps
Issue/re offer price: par
Margin to swap: 62bps/3m BBSW
Maturity date: 4 August 2020

Fixed rate tranche
Volume: A$250m
Outstanding volume in this line: A$250m
Coupon rate: 2.7%
Issue/re offer price: 99.921%
Issue yield: 2.7275%
Margin to swap: 62bps
Maturity date: 4 August 2020

QT Mutual Bank (QT)

QT issued a new, A$40m domestic bond on 27 July 2017.

Volume: A$40m
Outstanding volume in this line: A$40m
Coupon type: FRN
Coupon rate: 3m BBSW +115bps
Issue/re-offer price: par
Margin to swap: 115bps/3m BBSW
Maturity date: 2 August 2019

Retenbank

Retenbank priced an increase to its 2022 kangaroo bond on 28 July 2017.

Volume: A$50m
Outstanding in this line: A$1.225bn
Coupon type: fixed
Coupon rate: 2.7%
Issue/re-offer price: 100.212% Issue yield: 2.665%
Margin to swap: 33bps
Margin to ACGB: 47.25bps
Maturity date: 5 September 2022

World Bank

World Bank priced an increase to its January 2021 kangaroo bond on 26 July 2017.

Volume: A$200m
Outstanding volume in this line: A$2.8bn
Coupon type: fixed
Coupon rate: 2.8%
Issue/re offer price: 101.539%
Issue yield: 2.3325%
Margin to swap: 15.8bps
Margin to ACGB: 26.3bps/2021
Maturity date: 13 January 2021

Source: KangaNews/FIIG Securities

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