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Tuesday 16 May 2017 by FIIG Research New issues list

New Issues

New issues for the period 9 May 2017 – 16 May 2017 including: African Development Bank, Asian Development Bank, BNG Bank, Industrial and Commercial Bank of China Sydney Branch, Inter-American Development Bank and more

African Development Bank (AFDB)

AFDB priced an increase to both its July 2027 and January 2025 kangaroo bonds on 9 and 10 May 2017 respectively.

9 May 2017 increase
Volume: A$25m
Outstanding volume in this line: A$200m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re offer price: 99.632% (plus 0.994% accrued)
Issue yield: 3.3425%
Margin to swap: 51bps
Margin to ACGB: 66bps/April 2027
Maturity date: 27 July 2027

10 May 2017 increase
Volume: A$25m
Outstanding volume in this line: A$350m
Coupon type: fixed
Coupon rate: 4%
Issue/re offer price: 106.347%
Issue yield: 3.0625%
Margin to swap: 50bps
Margin to ACGB: 53bps/April 2025
Maturity date: January 2025

Asian Development Bank (ADB)

ADB priced two increases to its 2022 and 2027 kangaroo bonds on 10 May 2017.

2022 increase
Volume: A$400m
Outstanding volume in this line: A$1.05bn
Coupon type: fixed
Coupon rate: 2.75%
Issue/re offer price: 100.698%
Issue yield: 2.59%
Margin to swap: 33bps
Margin to ACGB: 41bps/July 2022
Maturity date: 19 January 2022

2027 increase
Volume: A$100m
Outstanding volume in this line: A$350m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re offer price: 100.995%
Issue yield: 3.285%
Margin to swap: 48bps
Margin to ACGB: 62.5bps/April 2027
Maturity date: 10 September 2027

Australian Prime Property Fund Retail (APPF)

APPF issued a new, A$200m seven year domestic bond on 11 May 2017.

Volume: A$200m
Outstanding volume in this line: A$200m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re offer price: 99.482%
Issue yield: 3.835%
Margin to swap: 130bps
Maturity date: 22 May 2024

BNG Bank (BNG)

BNG Bank priced an increase to its July 2027 kangaroo bond on 11 May 2017.

Volume: A$60m
Outstanding volume in this line: A$380m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 99.954%
Issue yield: 3.505%
Margin to swap: 72bps
Margin to ACGB: 86bps/April 2027
Maturity date: 19 July 2027

Industrial and Commercial Bank of China Sydney Branch (ICBC)

ICBC issued a new, A$300m three year floating rate note on 9 May 2017.

Volume: A$300m
Outstanding volume in this line: A$300m
Coupon type: floating rate note
Coupon rate: 3m BBSW +98bps
Issue/re offer price: par
Margin to swap: 98bps/3m BBSW
Maturity date: 15 May 2020

Inter-American Development Bank (IADB)

IADB priced an increase to its April 2027 kangaroo bond on 9 May 2017.

Volume: A$25m
Outstanding volume in this line: A$415m
Coupon type: fixed
Coupon rate: 2.5%
Issue/re offer price: 93.045%
Issue yield: 3.33%
Margin to swap: 47bps
Margin to ACGB: 64.75bps/April 2027
Maturity date: 14 April 2027

Kommunalbanken Norway (KBN)

KBN priced an increase to its January 2032 kangaroo bond on 10 May 2017.

Volume: A$25m
Outstanding volume in this line: A$50m
Coupon type: fixed
Coupon rate: 3.74%
Issue/re offer price: 100.024% (plus 1.219% accrued)
Issue yield: 3.7375%
Margin to swap: 70bps
Margin to ACGB: 90.25bps/April 2029
Maturity date: 19 January 2032

KommuneKredit

KommuneKredit priced an increase to its November 2026 kangaroo bond on 11 May 2017.

Volume: A$50m
Outstanding volume in this line: A$585m
Coupon type: fixed
Coupon rate: 2.9%
Issue/re offer price: 95.331%
Issue yield: 3.48%
Margin to swap: 70bps
Margin to ACGB: 88.75bps/April 2026
Maturity date: 27 November 2026

Municipality Finance (MuniFin)

MuniFin priced an increase to its July 2027 kangaroo bond on 11 May 2017.

Volume: A$15m
Outstanding volume in this line: A$40m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re offer price: 99.615%
Issue yield: 3.445%
Margin to swap: 65bps
Margin to ACGB: 79.25bps/April 2027
Maturity date: 13 July 2027

NEXTDC

NEXTDC issued A$300m in its market return on 16 May 2017.

Volume: A$300m
Outstanding volume in this line: A$300m
Coupon type: fixed
Coupon rate: 6.25%
Issue/re offer price: par
Issue yield: 6.25%
Margin to swap: ND
Make whole rate: 101.5% (at maturity or early issuer call)
Maturity date: 9 June 2021

Oesterreichische Kontrollbank (OKB)

OKB priced an increase to its August 2025 kangaroo bond on 11 May 2017.

Volume: A$60m
Outstanding volume in this line: A$450m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re offer price: 99.529%
Issue yield: 3.265%
Margin to swap: 62bps
Margin to ACGB: 74.5bps/April 2025
Maturity date: 25 August 2025

Province of Ontario (Ontario)

Ontario priced an increase to its January 2027 kangaroo bond on 15 May 2017.

Volume: A$60m
Outstanding volume in this line: A$260m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 100.426% (plus 1.131% accrued)
Issue yield: 3.4475%
Margin to swap: 78bps
Margin to ACGB: 87bps/April 2027
Maturity date: 27 January 2027

Source: KangaNews/FIIG Securities

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