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Tuesday 16 August 2016 by FIIG Research New issues list

New Issues

New issues for the period 9 August – 16 August 2016 including: ANZ, Asian Development Bank, BNG Bank, CBA, Member’s Equity Bank and Swedish Export Credit Corporation

Australia and New Zealand Banking Group (ANZ)

ANZ priced a new, dual tranche, A$2.7bn senior benchmark transaction on 9 August 2016.

Tranche: fixed
Volume: A$250m
Outstanding volume in this line: A$250m
Coupon type: fixed
Coupon rate: 2.8%
Issue/re offer price: 99.594%
Issue yield: 2.89%
Margin to swap: 113bps
Maturity date: 16 August 2021

Tranche: floating
Volume: A$2.45bn
Outstanding volume in this line: A$2.45bn
Coupon type: floating rate note
Coupon rate: 3m BBSW +113bps
Issue/re offer price: par
Margin to swap: 113bps/3m BBSW
Maturity date: 16 August 2021

Asian Development Bank (ADB)

ADB priced an increase its January 2021 kangaroo bond on 9 August 2016.

Volume: A$250m
Outstanding volume in this line: A$550m
Coupon type: fixed
Coupon rate: 2.8%
Issue/re offer price: 103.027%
Issue yield: 2.08%
Margin to swap: 36bps
Margin to ACGB: 54bps/May 2021
Maturity date: 16 August 2017

Auckland Council

Auckland Council added to its March 2026 kangaroo bond on 10 August 2016.

Volume: A$30m
Outstanding volume in this line: A$300m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 106.55%
Issue yield: 2.7175%
Margin to ACGB: 83.5bps/April 2026
Maturity date: 9 March 2026

BNG Bank (BNG)

BNG priced an increase to its August 2026 kangaroo bond on 12 August 2016.

Volume: A$50m
Outstanding volume in this line: A$185m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re offer price: 104.866%
Issue yield: 2.6925%
Margin to ACGB: 80.25bps/April 2026
Maturity date: 24 August 2026

Commonwealth Bank of Australia (CBA)

CBA printed A$500m in a new one year domestic deal on 11 August 2016.

Volume: A$500m
Outstanding volume in this line: A$500m
Coupon type: floating rate note
Coupon rate: 3m BBSW +43bps
Issue/re offer price: par
Margin to swap: 43bps/3m BBSW
Maturity date: 16 August 2017

EUROFIMA

EUROFIMA priced a tap to its January 2027 kangaroo bond on 12 August 2016.

Volume: A$20m
Outstanding volume in this line: A$95m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re offer price: 98.471% (plus 0.24% accrued)
Issue yield: 2.77%
Margin to swap: 71bps
Margin to ACGB: 79bps/April 2027
Maturity date: 13 January 2017

KfW Bankengruppe (KfW)

KfW priced an increase to its January 2019 kangaroo bond on 10 August 2016.

Volume: A$200m
Outstanding volume in this line: A$2.1bn
Coupon type: fixed
Coupon rate: 4%
Issue/re offer price: 104.965% (plus 0.348% accrued)
Issue yield: 1.885%
Margin to ACGB: 48.25bps/March 2019
Maturity date: 15 January 2019

KommuneKredit

KommuneKredit priced a tap to its November 2026 kangaroo bond on 12 August 2016.

Volume: A$25m
Outstanding volume in this line: A$240m
Coupon type: fixed
Coupon rate: 2.9%
Issue/re offer price: 101.567%
Issue yield: 2.724%
Margin to swap: 75bps
Margin to ACGB: 84.5bps/April 2026
Maturity date: 27 November 2026

Member’s Equity Bank (ME Bank)

ME Bank priced a A$100m increase to its November 2017 domestic bond on 11 August 2016.

Volume: A$100m
Outstanding volume in this line: A$350m
Coupon type: floating rate note
Coupon rate: 3m BBSW +100bps
Issue/re offer price: 99.939%
Margin to swap: 105bps/3m BBSW
Maturity date: 17 November 2017

Nordic Investment Bank (NIB)

NIB priced a tap to its February 2026 kangaroo bond on 10 August 2016.

Volume: A$50m
Outstanding volume in this line: A$270m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re offer price: 108.337%
Issue yield: 2.41%
Margin to ACGB: 53.5bps/April 2026
Maturity date: 6 February 2026

Royal Bank of Canada Sydney Branch (RBC Sydney)

RBC Sydney prints A$600m in its latest domestic deal on 9 August 2016.

Volume: A$600m
Outstanding volume in this line: A$600m
Coupon type: floating rate note
Coupon rate: 3m BBSW +48bps
Issue/re offer price: par
Margin to swap: 48bps/3m BBSW
Maturity date: 16 August 2017

Swedish Export Credit Corporation (SEK)

SEK priced an increase to its September 2026 kangaroo bond on 12 August 2016.

Volume: A$30m
Outstanding volume in this line: A$135m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re offer price:106.606%
Issue yield: ND
Margin to ACGB: 65.75bps/April 2026
Maturity date: 18 September 2026

Source: KangaNews/FIIG Securities

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