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Tuesday 06 March 2018 by FIIG Research New issues list

New Issues

New issues for the period 28 February – 6 March 2018 including: BNG, Credit Suisse, EIB, IADB, KBN, Lloyds, Macquarie, Manitoba, Rentenbank, UBS, WATC

BNG Bank (BNG)

BNG priced an increase to its 2028 kangaroo bond on 1 March 2018.

Volume: A$30m
Total outstanding in the line: A$835m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 99.779% (plus 0.456% accrued)
Issue yield: 3.325%
Margin to swap: 53bps/s-q
Margin to ACGB: 57.25bps/May 2028
Maturity date: 17 July 2028

Credit Suisse Group (Credit Suisse)

Credit Suisse issued a new, A$300m dual tranche European medium term note transaction on 2 March 2018.

Fixed-rate tranche
Volume: A$125m
Total outstanding in the line: A$125m
Coupon rate: 3.5%
Issue/re-offer price: 99.365%
Issue yield: 3.64%
Margin to swap: 125bps/s-q

FRN tranche
Volume: A$175m
Total outstanding in the line: A$175m
Coupon rate: 3m BBSW +125bps
Issue/re-offer price: par
Margin to swap: 125bps/3m BBSW

Maturity date: 8 March 2024

European Investment Bank (EIB)

EIB priced an increase to its kangaroo climate awareness bond on 2 March 2018.

Volume: A$200m
Total outstanding in the line: A$1,100m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 100.82%
Issue yield: 3.2025%
Margin to swap: 46bps/s-q
Margin to ACGB: 48.25bps/May 2028
Maturity date: 3 February 2023

Inter-American Development Bank (IADB)

IADB priced an increase to its 2028 kangaroo bond on 2 March 2018.

Volume: A$30m
Total outstanding in the line: A$250m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 99.364% (plus 0.223% accrued)
Issue yield: 3.175%
Margin to swap: 41.5bps/s-q
Margin to ACGB: 43.75bps/May 2028
Maturity date: 22 February 2028

Kommunalbanken Norway (KBN)

KBN priced an increase to its 2028 kangaroo bond on 1 March 2018.

Volume: A$75m
Total outstanding in the line: A$355m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re-offer price: 100.546% (plus 0.404% accrued)
Issue yield: 3.337%
Margin to swap: 53bps/s-q
Margin to ACGB: 56.45bps/May 2028
Maturity date: 24 July 2028

Lloyds Banking Group (Lloyds)

Lloyds issued a new, A$750m dual tranche seven year kangaroo bond on 28 February 2018.

Fixed-rate tranche
Volume: A$425m
Total outstanding in the line: A$425m
Coupon rate: 4%
Issue/re-offer price: 99.864%
Issue yield: 4.0225%
Margin to swap: 140bps/s-q

FRN tranche
Volume: A$325m
Total outstanding in the line: A$325m
Coupon rate: 3m BBSW +140bps
Issue/re-offer price: par
Margin to swap: 140bps/3m BBSW

Maturity date: 7 March 2025

Macquarie Bank (Macquarie)

Macquarie issued a new, A$25m domestic bond on 5 March 2018.

Volume: A$25m
Total outstanding in this line: A$125m
Coupon type: FRN
Coupon rate: 3m BBSW +45bps
Issue/re-offer price: 100.019% (plus 0.474%)
Margin to swap: 44bps/3m BBSW
Maturity date: 21 June 2019

Province of Manitoba (Manitoba)

Manitoba issued a new, A$50m kangaroo bond on 5 March 2018.

Volume: A$50m
Total outstanding in the line: A$115m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 101.468%
Issue yield: 3.3325%
Margin to swap: 55bps/s-q
Margin to ACGB: 59bps/May 2028
Maturity date: 22 August 2028

Rentenbank

Rentenbank priced an increase to its 2023 kangaroo bond on 27 February 2018.

Volume: A$300m
Total outstanding in this line: A$1.925bn
Coupon type: fixed
Coupon rate: 4.25%
Issue/re-offer price: 107.038% (plus 0.481% accrued)
Issue yield: 2.7025%
Margin to swap: 34bps/s-q
Margin to ACGB: 33.75bps/April 2023

Maturity date: 24 January 2023

UBS Australia Branch (UBS)

UBS issued a new, A$1.55bn multi tranche domestic bond on 27 February 2018.

Three year FRN
Volume: A$750m
Total outstanding in the line: A$750m
Coupon rate: 3m BBSW +70bps
Issue/re-offer price: par
Margin to swap: 70bps/3m BBSW

Maturity date: 8 March 2021

Five year FRN
Volume: A$525m
Total outstanding in the line: A$525m
Coupon rate: 3m BBSW +90bps
Issue/re-offer price: par
Margin to swap: 90bps/3m BBSW

Maturity date: 8 March 2023

Five year fixed rate
Volume: A$275m
Total outstanding in the line: A$275m
Coupon rate: 3.25%
Issue/re-offer price: 99.703%
Issue yield: 3.315%
Margin to swap: 90bps/s-q
Margin to ACGB: 95bps/April 2023

Maturity date: 8 March 2023

Western Australian Treasury Corporation (WATC)

WATC issued a new, A$1bn five year syndicated floating rate note on 28 February 2018.

Volume: A$1bn
Total outstanding in the line: A$1bn
Coupon type: FRN
Coupon rate: 3m BBSW +23bps
Issue/re-offer price: par
Margin to swap: 23bps/3m BBSW
Maturity date: 8 March 2023

Source: KangaNews

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