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Tuesday 28 November 2017 by FIIG Research New issues list

New Issues

New issues for the period 22 November – 28 November 2017 including: ADB, CUA, Firstmac, IFC, OCBC, P&N Bank, Rentenbank, RBC and UOB

Asian Development Bank (ADB)

ADB priced an increase to its 2032 kangaroo bond on 23 November 2017.

Volume: A$75m
Total outstanding in the line: A$185m
Coupon type: fixed
Coupon rate: 3.8%
Issue/re-offer price: 106.282%
Issue yield: 3.2475%
Margin to swap: 45bps/s-q
Margin to ACGB: 63.5bps/April 2029
Maturity date: 23 March 2032

Credit Union Australia (CUA)

CUA issued a new, A$100m one year floating rate note on 27 November 2017.

Volume: A$100m
Total outstanding in the line: A$100m
Coupon type: FRN
Coupon rate: 3m BBSW +72bps
Issue/re-offer price: par
Margin to swap: 72bps/3m BBSW
Maturity date: 7 December 2018

Firstmac

Firstmac issued a new, A$600m residential mortgage backed securities transaction, Firstmac Mortgage Funding Trust No. 4 Series 3-2017, on 23 November 2017.

International Finance Corporation (IFC)

IFC priced an increase to its 2027 kangaroo bond on 23 November 2017.

Volume: A$50m
Total outstanding in this line: A$450m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 101.575%
Issue yield: 3.014%
Margin to swap: 43bps/s-q
Margin to ACGB: 54.9bps/April 2027
Maturity date: 18 October 2027

Kommunalbanken Norway (KBN)

KBN priced an increase to its 2032 kangaroo bond on 24 November 2017.

Volume: A$30m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 3.74%
Issue/re-offer price: 103.73% (plus 1.372% accrued)
Issue yield: 3.405%
Margin to swap: 63bps/s-q
Margin to ACGB: 62.5bps/April 2032
Maturity date: 19 January 2032

Overseas-Chinese Banking Corporation Sydney (OCBC)

OCBC issued a new, A$125m one year domestic floating rate note on 23 November 2017.

Volume: A$125m
Total outstanding in the line: A$125m
Coupon type: FRN
Coupon rate: 3m BBSW +26bps
Issue/re-offer price: par
Margin to swap: 26bps/3m BBSW
Maturity date: 30 November 2018

P&N Bank (P&N)

P&N issued a new, A$350m residential mortgage backed securities transaction, Pinnacle Series Trust 2017-T1, on 24 November 2017.

Rentenbank

Rentenbank priced an increase to its 2028 kangaroo bond on 24 November 2017.

Volume: A$125m
Total outstanding in the line: A$425m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 101.452% (plus 0.446% accrued)
Issue yield: 3.085%
Margin to swap: 48bps/s-q
Margin to ACGB: 54bps/May 2028
Maturity date: 12 April 2028

Royal Bank of Canada Sydney (RBC)

RBC issued a new, A$275m one year domestic floating rate note on 23 November 2017.

Volume: A$275m
Total outstanding in the line: A$275m
Coupon type: FRN
Coupon rate: 3m BBSW +30bps
Issue/re-offer price: par
Margin to swap: 30bps/3m BBSW
Maturity date: 28 November 2018

United Overseas Bank Sydney (UOB)

UOB issued a new, A$400m one year domestic bond on 22 November 2017.

Volume: A$400m
Total outstanding in the line: A$400m
Coupon type: FRN
Coupon rate: 3m BBSW +26bps
Issue/re-offer price: par
Margin to swap: 26bps/3m BBSW
Maturity date: 28 November 2018

Source: KangaNews

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