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Wednesday 14 November 2018 by FIIG Research New issues list

New issues - week ending 9 November

New issues for the week ending Friday 9 November 2018 including: AMP, ADB, BOC, BNG, TCORP, Telstra and WBC

AMP

On Thursday, 08 November 2018, AMP priced A$250m subordinated deal.

Volume: A$250 million
Total outstanding in the line: A$250 million
Coupon type: FRN
Coupon rate: 3m BBSW +275bp
Issue/re-offer price: par
Margin to swap: 275bp/3m BBSW
Maturity date: 15 November 2028

Asian Development Bank (ADB)

On Thursday, 08 November 2018, ADB priced an A$125m 2027 kangaroo increase.

Volume: A$125 million (US$91 million)
Total outstanding in the line: A$925 million
Coupon type: fixed
Coupon rate: 3.4%
Issue/re-offer price: 101.947%
Issue yield: 3.145%
Margin to swap: 40bp/s-q
Margin to ACGB: 46.5bp/April 2027

Maturity date: 10 September 2027

Asian Development Bank (ADB)

On Friday, 09 November 2018, ADB priced an A$100m to its June 2029 kangaroo.

Volume: A$100 million (US$72.4 million)
Total outstanding in the line: A$250 million
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 98.489%
Issue yield: 3.27%
Margin to swap: 40bp/s-q
Margin to ACGB: 50.5bp/April 2029
Maturity date: 15 June 2029

Bank of China Sydney Branch (BOC)

On Thursday, 08 November 2018, BOC Sydney prints a$500m three year domestic FRN.

Volume: A$500 million (US$364.5 million)
Total outstanding in this line: A$500 million
Coupon type: FRN
Coupon rate: 3m BBSW +103bp
Issue/re-offer price: par
Margin to swap: 103bp/3m BBSW

Maturity date: 15 November 2021

BNG Bank (BNG)

On Friday, 09 November 2018, BNG Bank added A$50m to its April 2029 kangaroo.

Volume: A$50 million (US$36.2 million)
Total outstanding in the line: A$280 million
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 99.322%
Issue yield: 3.3775%
Margin to swap: 52bp/s-q
Margin to ACGB: 61.25bp/April 2029

Maturity date: 26 April 2029

New South Wales Treasury Corporation (TCORP)

On Friday, 09 November 2018, TCORP priced a$1.8bn syndicated green bond transaction.

Volume: A$1.8 billion (US$1.3 billion)
Total outstanding in the line: A$1.8 billion
Coupon type: fixed
Coupon rate: 3%
Issue/re-offer price: 98.006%
Issue yield: 3.235%
Margin to EFP: 43bp
Margin to ACGB: 44bp/November 2028

Maturity date: 15 November 2028

NWB Bank (NWB)

On Thursday, 08 November 2018, NWB adds A$20m to its May 2029 kangaroo.

Volume: A$20 million (US$14.6 million)
Total outstanding in the line: A$320 million
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 99.32%
Issue yield: 3.3775%
Margin to swap: 52bp/s-q
Margin to ACGB: 61bp/April 2029

Maturity date: 2 May 2029

Telstra Corporation

On Thursday, 08 November 2018, Telstra printed a$300m one year domestic FRN.

Volume: A$300 million (US$218.3 million)
Total outstanding in the line: A$300 million
Coupon type: FRN
Coupon rate: 3m BBSW +58bp
Issue/re-offer price: par
Margin to swap: 58bp/3m BBSW

Maturity date: 13 November 2019

Westpac Banking Corporation (WBC)

On Friday, 09 November 2018, WBC prints a jumbo A$4.25bn multi tranche deal.

Three-year FRN tranche
Volume: A$1.5 billion
Total outstanding in the line: A$1.5 billion
Coupon rate: 3m BBSW +73bp
Issue/re-offer price: par
Margin to swap: 73bp/3m BBSW

Maturity date: 16 November 2021

Five-year FRN tranche
Volume: A$2.45 billion
Total outstanding in the line: A$2.45 billion
Coupon rate: 3m BBSW +95bp
Issue/re-offer price: par
Margin to swap: 95bp/3m BBSW

Maturity date: 16 November 2023

Five-year fixed-rate tranche
Volume: A$300 million
Total outstanding in the line: A$300 million
Coupon rate: 3.25%
Issue/re-offer price: 97.372%
Issue yield: 3.3875%
Margin to swap: 95bp/s-q

Maturity date: 16 November 2023

Source: KangaNews

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