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Tuesday 14 November 2017 by FIIG Research New issues list

New Issues

New issues for the period 8 November – 14 November 2017 including: BOQ, CBA, Columbus Capital, HSBC, IFC, Liberty, NWB, OKB, TCORP, Rentenbank

Bank of Queensland (BOQ)

BOQ issued a new, A$600m dual tranche domestic bond on 9 November 2017.

FRN tranche
Volume: A$450m
Total outstanding in the line: A$450m
Coupon yield: 3m BBSW +102bps
Issue/re-offer price: par
Margin to swap: 102bps/3m BBSW

Fixed-rate tranche
Volume: A$150m
Total outstanding in the line: A$150m
Coupon yield: 3%
Issue/re-offer price: 99.329%
Issue yield: 3.18%
Margin to swap: 102bps/s-q
Maturity date: 16 November 2021

Commonwealth Bank of Australia (CBA)

CBA priced an increase to its 2021 domestic floating rate note on 7 November 2017.

Volume: A$300m
Total outstanding in the line: A$2.1bn
Coupon type: FRN
Coupon rate: 3m BBSW +125bps
Issue/re-offer price: 101.993%
Margin to swap: 64bps/3m BBSW
Maturity date: 12 July 2021

CBA launched its prime residential mortgage backed securities transaction, Medallion Trust Series 2017-2 on 13 November 2017. The transaction has an indicative total volume of A$750m and is expected to price on 17 November 2017.

Source: Commbank, KangaNews

Columbus Capital

Columbus Capital issued a new, A$500m residential mortgage backed securities transaction, Triton 2017-2, on 10 November 2017.

International Finance Corporation (IFC)

IFC priced an increase to its 2027 kangaroo bond on 10 November 2017.

Volume: A$50m
Total outstanding in the line: A$400m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 100.804%
Issue yield: 3.105%
Margin to swap: 43bps/s-q
Margin to ACGB: 54.75bps/April 2027
Maturity date: 18 October 2027

HSBC Holdings (HSBC)

HSBC issued a new, A$1bn dual tranche euro medium term note on 9 November 2017.

FRN Tranche
Volume: A$650m
Total outstanding in the line: A$650m
Coupon yield: 3m BBSW +110bps
Issue/re-offer price: par
Margin to swap: 110bps/3m BBSW

Fixed-rate tranche
Volume: A$350m
Total outstanding in the line: A$350m
Coupon yield: 3.35%
Issue/re-offer price: 99.781%
Issue yield: 3.395%
Margin to swap: 110bps/s-q
Maturity date: 16 February 2024

Liberty Financial (Liberty)

Liberty issued a new, A$1.2bn upsized residential mortgage backed securities transaction on 10 November 2017.

New South Wales Treasury Corporation (TCORP)

TCORP issued a new, $120m 20 year syndicated bond on 10 November 2017.

Volume: A$120m
Total outstanding in the line: A$120m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 98.513%
Issue yield: 3.605%
Margin to EFP: 97.5bps/10yr
Margin to ACGB: 51bps/April 2037
Maturity date: 20 November 2037

NWB Bank (NWB)

NWB priced an increase to its 2027 kangaroo bond on 10 November 2017.

Volume: A$25m
Total outstanding in the line: A$475m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 101.975%
Issue yield: 3.26%
Margin to swap: 62bps/s-q
Margin to ACGB: 70bps/April 2027
Maturity date: 20 July 2027

NWB priced an increase to its 2027 bond on 13 November 2017.

Volume: A$30m
Total outstanding in this line: A$505m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 101.64%
Issue yield: 3.3%
Margin to swap: 63bps/s-q
Margin to ACGB: 73bps/April 2027
Maturity date: 20 July 2027

Oesterreichische Kontrollbank (OKB)

OKB priced an increase to its 2027 kangaroo bond on 6 November 2017.

Volume: A$45m
Total outstanding in the line: A$100m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 102.066%
Issue yield: 3.25%
Margin to swap: 63bps/s-q
Margin to ACGB: 73.25bps/April 2027
Maturity date: 3 August 2027

Rentenbank

Rentenbank priced an increase to its 2028 kangaroo bond on 10 November 2017.

Volume: A$50m
Total outstanding in the line: A$300m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 100.46% (plus 0.321% accrued)
Issue yield: 3.1975%
Margin to swap: 49bps/s-q
Margin to ACGB: 55.25bps/May 2028
Maturity date: 12 April 2028

Source: KangaNews

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