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Tuesday 03 October 2017 by FIIG Research New issues list

New Issues

New issues for the period 26 September 2017 – 3 October 2017 including: AMP Bank, BMO, EIB, Emirates, IFC, KBN, L-Bank, Manitoba, OCBC

AMP Bank (AMP)

AMP issued a new, A$500m three year floating rate note on 27 September 2017.

Volume: A$500m
Total outstanding in this line: A$500m
Coupon type: FRN
Coupon rate: 3m BBSW +75bps
Issue/re-offer price: par
Margin to swap: 75bps/3m BBSW
Maturity date: 6 October 2020

Bank of Montreal (BMO)

BMO issued a new, A$800m in its debut kangaroo bond on 28 September 2017.

Fixed-rate tranche
Volume: A$300m
Total outstanding in this line: A$300m
Coupon rate: 3.25%
Issue/re-offer price: 99.237%
Issue yield: 3.3975%
Margin to swap: 92bps/s-q

Floating-rate tranche
Volume: A$500m
Total outstanding in this line: A$500m
Coupon rate: 3m BBSW +92bps
Issue/re-offer price: par
Margin to swap: 92bps/3m BBSW
Maturity date: 6 October 2022

Emirates NBD (Emirates)

Emirates issued a new, A$200m ten year kangaroo bond on 28 September 2017.

Volume: A$200m
Total outstanding in this line: A$200m
Coupon type: fixed
Coupon rate: 4.85%
Issue/re-offer price: 99.589%
Issue yield: 4.9025%
Margin to swap: 200bps/s-q
Maturity date: 12 October 2027

European Investment Bank (EIB)

EIB priced an increase to its 2022 kangaroo bond on 28 September 2017.

Volume: A$400m
Total outstanding in this line: A$2.1bn
Coupon type: fixed
Coupon rate: 5%
Issue/re-offer price: 110.104% (plus 0.679% accrued)
Issue yield: 2.765%
Margin to swap: 35bps/s-q
Margin to ACGB: 39.5bps/July 2022
Maturity date: 22 August 2022

International Finance Corporation (IFC)

IFC priced an increase to its 2022 kangaroo bond on 26 September 2017.

Volume: A$350m
Total outstanding in this line: A$1.5bn
Coupon type: fixed
Coupon rate: 2.8%
Issue/re-offer price: 100.440% (plus 0.380% accrued)
Issue yield: 2.7025%
Margin to swap: 29bps/s-q
Margin to ACGB: 53.25bps/July 2022
Maturity date: 15 August 2022

Kommunalbanken Norway (KBN)

KBN priced an increase to its 2024 kangaroo bond on 28 September 2017.

Volume: A$75m
Total outstanding in this line: A$850m
Coupon type: fixed
Coupon rate: 5.25%
Issue/re-offer price: 113.039% (plus 1.241% accrued)
Issue yield: 3.0975%
Margin to swap: 52bps/s-q
Margin to ACGB: 50.75bps/April 2024
Maturity date: 15 July 2024

L-Bank

L-Bank issued a new, A$100m 2028 kangaroo bond on 27 September 2017.

Volume: A$100m
Total outstanding in this line: A$100m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 99.651%
Issue yield: 3.49%
Margin to swap: 62bps/s-q
Margin to ACGB: 66.75bps/May 2028
Maturity date: 11 April 2028

Oversea-Chinese Banking Corporation Sydney Branch (OCBC)

OCBC issued a new, A$300m three year floating rate note on 25 September 2017.

Volume: A$300m
Total outstanding in this line: A$300m
Coupon type: FRN
Coupon rate: 3m BBSW +60bps
Issue/re-offer price: par
Margin to swap: 60bps/3m BBSW
Maturity date: 6 October 2020

Province of Manitoba (Manitoba)

Manitoba priced an increase to its 2027 kangaroo bond on 26 September 2017.

Volume: A$50m
Total outstanding in this line: A$225m
Coupon type: fixed
Coupon rate: 3.6%
Issue/re-offer price: 100.867% (plus 0.479% accrued)
Issue yield: 3.495%
Margin to swap: 70bps/s-q
Margin to ACGB: 78bps/April 2027
Maturity date: 17 August 2027

Source: KangaNews

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