New issues for the period 19 December – 31 January 2018 including: AFDB, ANZ, ADB, AOFM, BEN, BNG, BOQ, CAF, CBA, Rabobank, DBS, EIB, EDC, IADB, IFC, KFW, KBN, KommuneKredit, Mercedes Benz, MUNIFIN, NWB, NRW, OKB, Province of Alberta, QNB, Retenbank, Resimac, RBC Sydney, SAFA, TASCORP, TCV, UED, Westpac
African Development Bank (AFDB)
AFDB priced an increase to its 2027 kangaroo on 5 January 2018.
Volume: A$45m
Total outstanding in the line: A$565m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 101.703%
Issue yield: 3.0925%
Margin to swap: 45bps/s-q
Margin to ACGB: 50.25bps/April 2027
Maturity date: 27 July 2027
ANZ Banking Group (ANZ)
ANZ issued a new, A$3bn in multi tranche domestic bond on 9 January 2018.
Three-year FRN
Volume: A$1.25bn
Total outstanding in the line: A$1.25bn
Coupon rate: 3m BBSW +58bps
Issue/re-offer price: par
Margin to swap: 58bps/3m BBSW
Maturity date: 18 January 2021
Five-year FRN
Volume: A$1.325bn
Total outstanding in the line: A$1.325bn
Coupon rate: 3m BBSW +77bps
Issue/re-offer price: par
Margin to swap: 77bps/3m BBSW
Maturity date: 18 January 2023
Five-year fixed
Volume: A$425m
Total outstanding in the line: A$425m
Coupon rate: 3.1%
Issue/re-offer price: 99.862%
Issue yield: 3.13%
Margin to swap: 77bps/s-q
Maturity date: 18 January 2023
Asian Development Bank (ADB)
ADB issued a new, A$400m five year kangaroo on 4 January 2018.
Volume: A$400m
Total outstanding in the line: A$400m
Coupon type: fixed
Coupon rate: 2.65%
Issue/re-offer price: 99.826%
Issue yield: 2.6875%
Margin to swap: 32bps/s-q
Margin to ACGB: 32bps/April 2023
Maturity date: 11 January 2023
Australian Office of Financial Management (AOFM)
AOFM issued a new, A$9.6bn syndicated bond on 17 January 2018.
Volume: A$9.6bn
Total outstanding in the line: A$9.6bn
Coupon type: fixed
Coupon rate: 2.75%
Issue/re-offer price: 98.901%
Issue yield: 2.86%
Margin to EFP: 7bps
Maturity Date: 21 November 2029
Bendigo and Adelaide Bank (BEN)
BEN issued a new, A$500m domestic dual tranche bond on 16 January 2018.
FRN tranche
Volume: A$350m
Total outstanding in the line: A$350m
Coupon rate: 3m BBSW +105bps
Issue/re-offer price: par
Margin to swap: 105bps/3m BBSW
Maturity date: 25 January 2023
Fixed-rate tranche
Volume: A$150m
Total outstanding in the line: A$150m
Coupon rate: 3.5%
Issue/re-offer price: 99.966%
Issue yield: 3.5075%
Margin to swap: 105bps/s-q
Maturity date: 25 January 2023
BNG Bank (BNG)
BNG issued a new, A$100m 10.5 year kangaroo bond on 9 January 2018.
Volume: A$100m
Total outstanding in the line: A$100m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 99.385%
Issue yield: 3.37%
Margin to swap: 63bps/s-q
Margin to ACGB: 70bps/May 2028
Maturity date: 17 July 2028
BNG priced an increase to its 2028 kangaroo bond on 11 January 2018.
Volume: A$100m
Total outstanding in the line: A$200m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 98.884%
Issue yield: 3.4275%
Margin to swap: 63bps/s-q
Margin to ACGB: 70.25bps/May 2028
Maturity date: 17 July 2028
BNG priced an increase to its 2028 kangaroo bond on 15 January 2018.
Volume: A$80m
Total outstanding in the line: A$280m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 98.645%
Issue yield: 3.455%
Margin to swap: 63bps/s-q
Margin to ACGB: 69.25bps/May 2028
Maturity date: 17 July 2028
BNG priced an increase to its 2028 kangaroo bond on 17 January 2018.
Volume: A$150m
Total outstanding in the line: A$430m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 98.583%
Issue yield: 3.4675%
Margin to swap: 62bps/s-q
Margin to ACGB: 67.875bps/May 2028
Maturity date: 17 July 2028
BNG priced an increase to its 2028 kangaroo bond on 29 January 2018.
Volume: A$200m
Total outstanding in the line: A$630m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 98.026%
Issue yield: 3.5275%
Margin to swap: 60bps/s-q
Margin to ACGB: 68.25bps/May 2028
Maturity date: 17 July 2028
Bank of Queensland (BOQ)
BOQ issued a new, A$550m five year domestic floating rate note on 23 January 2018.
Volume: A$550m
Total outstanding in the line: A$550m
Coupon type: FRN
Coupon rate: 3m BBSW +105bps
Issue/re-offer price: par
Margin to swap: 105bps/3m BBSW
Maturity Date: 3 February 2023
CAF – Development Bank of Latin America (CAF)
CAF priced an increase to its 2027 kangaroo bond on 12 January 2018.
Volume: A$75m
Total outstanding in the line: A$325m
Coupon type: fixed
Coupon rate: 4.5%
Issue/re-offer price: 104.23% (plus 1.579% accrued)
Issue yield: 3.9075%
Margin to swap: 125bps/s-q
Margin to ACGB: 137.375bps/April 2027
Maturity date: 14 September 2027
Commonwealth Bank of Australia (CBA)
CBA issued a new, A$1.5bn dual tranche domestic bond on 23 January 2018.
FRN tranche
Volume: A$1.2bn
Total outstanding in the line: A$1.2bn
Coupon rate: 3m BBSW +80bps
Issue/re-offer price: par
Margin to swap: 80bps/3m BBSW
Maturity date: 25 April 2023
Fixed-rate tranche
Volume: A$300m
Total outstanding in the line: A$300m
Coupon rate: 3.25%
Issue/re-offer price: 99.401%
Issue yield: 3.375%
Margin to swap: 80bps/s-q
Maturity date: 25 April 2023
Coöperatieve Rabobank Australia Branch (Rabobank)
Rabobank issued a new, A$500m dual tranche domestic bond on 19 January 2018.
FRN tranche
Volume: A$350m
Total outstanding in the line: A$350m
Coupon rate: 3m BBSW +77bps
Issue/re-offer price: par
Margin to swap: 77bps/3m BBSW
Maturity date: 25 January 2023
Fixed-rate tranche
Volume: A$150m
Total outstanding in the line: A$150m
Coupon rate: 3.25%
Issue/re-offer price: 99.748%
Issue yield: 3.305%
Margin to swap: 77bps/s-q
Margin to ACGB: 80.2bps/April 2023
Maturity date: 25 January 2023
Deutsche Bank Sydney Branch (DBS)
DBS issued a new, A$450m dual tranche senior non preferred euro medium term note (EMTN) on 18 January 2018.
Fixed-rate tranche
Volume: A$250m
Total outstanding in the line: A$250m
Coupon rate: 3.75%
Issue/re-offer price: 99.246%
Issue yield: 3.9175%
Margin to swap: 140bps/s-q
FRN tranche
Volume: A$200m
Total outstanding in the line: A$200m
Coupon rate: 3m BBSW +140bps
Issue/re-offer price: par
Margin to swap: 140bps/3m BBSW
Maturity date: 30 January 2023
European Investment Bank (EIB)
EIB issued a new, A$750m five year climate awareness bond on 3 January 2018.
Volume: A$750m
Total outstanding in the line: A$750m
Coupon type: fixed
Coupon rate: 2.7%
Issue/re-offer price: 99.675%
Issue yield: 2.77%
Margin to swap: 37bps/s-q
Margin to ACGB: 37.5bps/April 2023
Maturity date: 12 January 2023
EIB priced an increase to its 2028 kangaroo climate awareness bond on 5 January 2018.
Volume: A$175m
Total outstanding in the line: A$500m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 101.153%
Issue yield: 3.165%
Margin to swap: 49bps/s-q
Margin to ACGB: 51.5bps/May 2028
Maturity date: 3 February 2028
EIB priced an increase to its 2028 kangaroo climate awareness bond on 25 January 2018.
Volume: A$400m
Total outstanding in the line: A$900m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 99.431%
Issue yield: 3.3675%
Margin to swap: 48bps/s-q
Margin to ACGB: 52.25bps/May 2028
Maturity date: 3 February 2028
Export Development Canada (EDC)
EDC priced an increase to its 2022 kangaroo bond on 11 January 2018.
Volume: A$325m
Total outstanding in the line: A$875m
Coupon type: fixed
Coupon rate: 2.7%
Issue/re-offer price: 99.931%
Issue yield: 2.715%
Margin to swap: 32bps/s-q
Margin to ACGB: 40.5bps/July 2022
Maturity date: 24 October 2022
Inter-American Development Bank (IADB)
IADB priced an increase to its 2023 kangaroo bond on 5 January 2018.
Volume: A$250m
Total outstanding in the line: A$750m
Coupon type: fixed
Coupon rate: 4%
Issue/re-offer price: 106.604%
Issue yield: 2.665%
Margin to swap: 33bps/s-q
Margin to ACGB: 33.5bps/April 2023
Maturity date: 22 May 2023
IADB priced an increase to its 2032 kangaroo bond on 11 January 2018.
Volume: A$30m
Total outstanding in the line: A$85m
Coupon type: fixed
Coupon rate: 3.29%
Issue/re-offer price: 98.136%
Issue yield: 3.4550%
Margin to swap: 46bps/s-q
Margin to ACGB: 47.25bps/April 2033
Maturity date: 28 June 2032
International Finance Corporation (IFC)
IFC priced an increase to its 2027 kangaroo bond on 12 January 2018.
Volume: A$50m
Total outstanding in the line: A$600m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 99.996% (plus 0.818% accrued)
Issue yield: 3.2%
Margin to swap: 43bps/s-q
Margin to ACGB: 50bps/April 2027
Maturity date: 18 October 2027
KfW Bankengruppe (KFW)
KFW priced an increase to its 2028 kangaroo bond on 17 January 2018.
Volume: A$100m
Total outstanding in the line: A$400m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 99.227%
Issue yield: 3.29%
Margin to swap: 46bps/s-q
Margin to ACGB: 49.5bps/May 2028
Maturity date: 15 March 2028
Kommunalbanken Norway (KBN)
KBN priced an increase to its 2023 kangaroo bond on 10 January 2018.
Volume: A$300m
Total outstanding in the line: A$850m
Coupon type: fixed
Coupon rate: 4.5%
Issue/re-offer price: 108.163% (plus 1.137% accrued)
Issue yield: 2.815%
Margin to swap: 43bps/s-q
Margin to ACGB: 44bps/April 2023
Maturity date: 17 April 2023
KBN issued a new, A$150 million 10.5 year kangaroo bond on 16 January 2018.
Volume: A$150m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re-offer price: 99.781%
Issue yield: 3.425%
Margin to swap: 60bps/s-q
Margin to ACGB: 65.75bps/May 2028
Maturity date: 24 July 2028
KBN priced an increase to its 2028 kangaroo on 17 January 2018.
Volume: A$50m
Total outstanding in the line: A$200m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re-offer price: 99.716%
Issue yield: 3.4325%
Margin to swap: 60bps/s-q
Margin to ACGB: 66bps/May 2028
Maturity date: 24 July 2028
KommuneKredit
KommuneKredit issued a new, A$50m 10.5 year kangaroo bond on 22 January 2018.
Volume: A$50m
Total outstanding in the line: A$50m
Coupon type: fixed
Coupon rate: 3.55%
Issue/re-offer price: 99.87%
Issue yield: 3.565%
Margin to swap: 60bps/s-q
Margin to ACGB: 69.5bps/May 2028
Maturity date: 21 July 2028
Mercedes-Benz Australia (Mercedes-Benz)
Mercedes-Benz issued a new, A$100m three year EMTN on 9 January 2018.
Volume: A$100m
Total outstanding in the line: A$100m
Coupon type: fixed
Coupon rate: 2.625%
Issue/re-offer price: 99.645%
Issue yield: 2.75%
Margin to swap: 59.1bps/s-q
Maturity date: 18 January 2021
Municipality Finance (MUNIFIN)
MUNIFIN priced an increase to its 2027 kangaroo on 10 January 2018.
Volume: A$30m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re-offer price: 100.706% (plus 0.038% accrued)
Issue yield: 3.313%
Margin to swap: 58bps/s-q
Margin to ACGB: 63.8bps/April 2027
Maturity date: 13 July 2027
NWB Bank (NWB)
NWB issued a new, A$170m 10.5 year kangaroo bond on 18 January 2018.
Volume: A$170m
Total outstanding in the line: A$170m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 99.803%
Issue yield: 3.4725%
Margin to swap: 61bps/s-q
Margin to ACGB: 66.25bps/May 2028
Maturity date: 17 July 2028
NRW.BANK (NRW)
NRW priced an increase to its 2028 kangaroo bond on 24 January 2018.
Volume: A$30m
Total outstanding in the line: A$160m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 99.314% (plus 0.812%)
Issue yield: 3.58%
Margin to swap: 70bps/s-q
Margin to ACGB: 77bps/May 2028
Maturity date: 8 May 2028
Oesterreichische Kontrollbank (OKB)
OKB priced an increase to its 2027 kangaroo on 10 January 2018.
Volume: A$25m
Total outstanding in the line: A$155m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 101.421% (plus 1.588% accrued)
Issue yield: 3.325%
Margin to swap: 60bps/s-q
Margin to ACGB: 65.5bps/April 2027
Maturity date: 3 August 2027
OKB priced an increase to its 2027 kangaroo on 19 January 2018.
Volume: A$25m
Total outstanding in the line: A$180m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 100.261% (plus 1.664% accrued)
Issue yield: 3.4675%
Margin to swap: 59bps/s-q
Margin to ACGB: 64.5bps/April 2027
Maturity date: 3 August 2027
Province of Alberta (Alberta)
Alberta priced an increase to its 2028 kangaroo bond on 17 January 2018.
Volume: A$50m
Total outstanding in the line: A$360m
Coupon type: fixed
Coupon rate: 3.6%
Issue/re-offer price: 101.58%
Issue yield: 3.415%
Margin to swap: 60bps/s-q
Margin to ACGB: 63bps/May 2028
Maturity date: 11 April 2028
Alberta priced an increase to its 2026 kangaroo bond on 19 January 2018.
Volume: A$55m
Total outstanding in the line: A$305m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 97.678%
Issue yield: 3.405%
Margin to swap: 56bps/s-q
Margin to ACGB: 63bps/April 2026
Maturity date: 14 December 2026
Qatar National Bank Finance (QNB)
QNB issued a new, A$700m multi tranche kangaroo bond on 25 January 2018.
Five-year FRN tranche
Volume: A$225m
Total outstanding in the line: A$225m
Coupon rate: 3m BBSW +175bps
Issue/re-offer price: par
Margin to swap: 175bps/3m BBSW
Maturity date: 1 February 2023
Five-year fixed-rate tranche
Volume: A$200m
Total outstanding in the line: A$200m
Coupon rate: 4.15%
Issue/re-offer price: 99.454%
Issue yield: 4.2725%
Margin to swap: 175bps/s-q
Maturity date: 1 February 2023
10-year fixed-rate tranche
Volume: A$275m
Total outstanding in the line: A$275m
Coupon rate: 4.9%
Issue/re-offer price: 99.259%
Issue yield: 4.995%
Margin to swap: 210bps/s-q
Maturity date: 1 February 2028
Rentenbank
Rentenbank priced an increase to its 2028 kangaroo on 15 January 2018.
Volume: A$50m
Total outstanding in the line: A$525m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 99.824%
Issue yield: 3.27%
Margin to swap: 46bps/s-q
Margin to ACGB: 50.25bps/May 2028
Maturity Date: 12 April 2028
Resimac Premier Series (Resimac)
Resimac issued a new, A$1bn premier series 2017-3 residential mortgage backed securities transaction on 21 December 2017.
| Note class | Tranche volume | Tranche rating | Weighted average life (years) | Margin to swap | Initial credit support |
| A | A$880m
| AAA/AAA
| 2.7 | 112bps/1m BBSW | 12% |
| AB | A$66m
| AAA/AAA
| 4.6 | 215bps/1m BBSW
| 5.4% |
| B | A$28m
| AA/NR
| 4.6 | 215bps/1m BBSW
| 2.6% |
| C | A$11m | A/NR
| 4.6 | 315bps/1m BBSW
| 1.5% |
| D | A$10.5m | BB/NR
| 4.6 | 615bps/1m BBSW
| 0.45% |
| E | A$4.5m
| NR/NR
| 5.1 | ND | N/A |
Royal Bank of Canada Sydney Branch (RBC Sydney)
RBC Sydney issued a new, A$300m one year domestic floating rate note on 15 January 2018.
Volume: A$300m
Total outstanding in the line: A$300m
Coupon type: FRN
Coupon rate: 3m BBSW +30bps
Issue/re-offer price: par
Margin to swap: 30bps/3m BBSW
Maturity date: 18 January 2019
South Australian Government Financing Authority (SAFA)
SAFA priced an increase to its 2024 select line on 23 January 2018.
Volume: A$750m
Total outstanding in the line: A$1.5bn
Coupon type: fixed
Coupon rate: 2.25%
Issue/re-offer price: 95.802% (plus 1.012%)
Issue yield: 2.960%
Margin to EFP: 9bps
Margin to ACGB: 33.5bps/April 2024
Maturity date: 15 August 2024
Tasmanian Public Finance Corporation (TASCORP)
TASCORP issued a new, A$400m 10 year syndicated transaction on 16 January 2018.
Volume: A$400m
Total outstanding in the line: A$400m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 99.198%
Issue yield: 3.345%
Margin to EFP: 55bps
Margin to ACGB: 58.5bps/November 2027
Maturity date: 24 January 2028
Treasury Corporation of Victoria (TCV)
TCV priced an increase to its 2028 and 2032 lines on 23 January 2018.
2028 tranche
Volume: A$800m
Total outstanding in the line: A$2.8bn
Coupon type: fixed
Coupon rate: 3%
Issue/re-offer price: 97.439% (plus 0.841% accrued)
Issue yield: 3.285%
Margin to EFP: 40bps
Margin to ACGB: 38.25bps/November 2028
Maturity date: 20 October 2028
2032 tranche
Volume: A$500m
Total outstanding in the line: A$1.4bn
Coupon type: fixed
Coupon rate: 4.25%
Issue/re-offer price: 108.339% (plus 0.479% accrued)
Issue yield: 3.5250%
Margin to EFP: 64bps
Margin to ACGB: 44.5bps/April 2033
Maturity date: 20 December 2032
United Energy Distribution (UED)
UED issued a new, A$400m dual tranche domestic bond on 24 January 2018.
FRN tranche
Volume: A$150m
Total outstanding in the line: A$150m
Coupon rate: 3m BBSW +97bps
Issue/re-offer price: par
Margin to swap: 97bps/3m BBSW
Maturity date: 7 February 2023
Fixed-rate tranche
Volume: A$250m
Total outstanding in the line: A$420m
Coupon rate: 3.85%
Issue/re-offer yield: 100.495% (plus 1.132% accrued)
Issue yield: 3.765%
Margin to swap: 112bps/s-q
Maturity date: 23 October 2024
Westpac Banking Corporation (Westpac)
Westpac issued a new, A$160m tier two bullet EMTN on 17 January 2018.
Volume: A$160m
Total outstanding in this line: A$160m
Coupon type: fixed
Coupon rate: 5%
Issue/re-offer price: par
Issue yield: 5%
Margin to swap: ND
Maturity date: 24 January 2048
Westpac priced an increase to its tier two bullet EMTN on 22 January 2018.
Volume: A$25m
Total outstanding in the line: A$185m
Coupon type: fixed
Coupon rate: 5%
Issue/re-offer price: par
Issue yield: 5%
Margin to swap: ND
Maturity date: 24 January 2048