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Tuesday 02 May 2017 by FIIG Research New issues list

New Issues

New issues for the period 26 April 2017 – 2 May 2017 including: Bank of Queensland, BNG Bank, Dexus Finance, EUROFIMA, Kommunalbanken Norway, Newcastle Permanent Building Society and Rentenbank

Bank of Queensland (BOQ)

BOQ issued a new, A$600m three year floating rate note on 27 April.

Volume: A$600m
Outstanding volume in this line: A$600m
Coupon type: floating rate note
Coupon rate: 3m BBSW +100bps
Issue/re offer price: par
Margin to swap: 100bps/3m BBSW
Maturity date: 5 May 2020

At the same time, BOQ bought back A$42.81m of its May 2017 line.

Volume: A$42.81m
Coupon type: floating rate note
Coupon rate: 75bps/3m BBSW
Issue/re offer price: 100.025% (plus 0.513% accrued)
Discount margin: 3m BBSW +30bps
Maturity date: 19 May 2017

BNG Bank

BNG Bank priced an increase to its July 2027 kangaroo bond on 28 April.

Volume: A$45m
Outstanding volume in this line: A$175m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 100.252% (plus 1.073% accrued)
Issue yield: 3.47%
Margin to swap: 72bps
Margin to ACGB: 89.75bps/April 2027
Maturity date: 19 July 2027

Dexus Finance (Dexus)

Dexus launched and priced a new, 10 year domestic bond on 27 April.

Volume: A$130m
Outstanding volume in this line: A$130m
Coupon type: fixed
Coupon rate: 4.25%
Issue/re offer price: 98.837%
Issue yield: 4.395%
Margin to swap: 160bps
Maturity date: 22 May 2027

EUROFIMA

EUROFIMA priced an increase to its January 2027 kangaroo bond on 26 April.

Volume: A$25m
Outstanding volume in this line: A$305m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re offer price: 92.758%
Issue yield: 3.4875%
Margin to swap: 68bps
Margin to ACGB: 86bps/April 2027
Maturity date: 13 January 2027

Kommunalbanken Norway (KBN)

KBN priced an increase to its July 2025 kangaroo bond on 1 May.

Volume: A$50m
Outstanding volume in this line: A$1.38bn
Coupon type: fixed
Coupon rate: 4.25%
Issue/re offer price: 107.771%
Issue yield: 3.165%
Margin to swap: 62bps
Margin to ACGB: 72.25bps/April 2025
Maturity date: 16 July 2025

Newcastle Permanent Building Society (NPBS)

NPBS priced an increase to its April 2020 domestic bond on 27 April.

Volume: A$50m
Outstanding volume in this line: A$210m
Coupon type: floating rate note
Coupon rate: 3m BBSW +135bps
Issue/re offer price: 100.147% (plus 0.266% accrued)
Margin to swap: 130bps/3m BBSW
Maturity date: 7 April 2020

Rentenbank

Rentenbank priced an increase to its March 2027 kangaroo bond on 28 April.

Volume: A$50m
Outstanding volume in this line: A$575m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re offer price: 93.941%
Issue yield: 3.325%
Margin to swap: 54bps
Margin to ACGB: 73.25bps/April 2027
Maturity date: 23 March 2027

Source: KangaNews/FIIG Securities

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