New issues for the period 6 September – 13 September 2016 including: African Development Bank, AMP Bank, Asian Development Bank, Auckland Council, CBA, NAB, Nordic Investment Bank and Westpac
African Development Bank (AfDB)
AfDB priced an increase to its June 2026 kangaroo bond on 7 September 2016.
Volume: A$25m
Outstanding volume in this line: A$275m
Coupon type: fixed
Coupon rate: 4.5%
Issue/re offer price: 118.581% (plus 1.266% accrued)
Issue yield: 2.35%
Margin to ACGB: 46.5bps/April 2026
Margin to swap: 51bps
Maturity date: 2 June 2026
AMP Bank (AMP)
AMP has launched its first residential mortgage backed securities (RMBS) transaction on 13 September 2016. It consists of five note classes with total indicative volume of A$500m.
| Note class | Indicative volume (A$m) | WAL (years) | Price guidance |
| A | 460 | 3.2 | 125 to 130bps +1M BBSW |
| AB | 25.55 | 5.6 | 190bps area +1M BBSW |
| B | 8.45 | n/a | n/a |
| C | 5.35 | 5.6 | Low 200bps area +1M BBSW |
| D | 0.65 | 5.6 | Low 300bps area +1M BBSW |
Asian Development Bank (ADB)
ADB priced two increases to its October 2026 kangaroo bond.
Increase date: 6 September 2016
Volume: A$100m
Outstanding volume in this line: A$425m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 105.114%
Issue yield: 2.425%
Margin to ACGB: 52bps/April 2026
Margin to swap: 49bps
Maturity date: 14 October 2026
Increase date: 7 September 2016
Volume: A$50m
Outstanding volume in this line: A$475m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 105.298%
Issue yield: 2.405%
Margin to ACGB: 52bps/April 2026
Margin to swap: 49bps
Maturity date: 14 October 2026
Auckland Council
Auckland Council launched a new 11 year kangaroo bond on 12 September 2016.
Volume: A$50m
Outstanding volume in this line: A$50m
Coupon type: fixed
Coupon rate: 2.9%
Issue/re offer price: 99.603%
Issue yield: 2.9425%
Margin to ACGB: 78.5bps/November 2027
Margin to swap: 80bps
Maturity date: 16 September 2027
Commonwealth Bank of Australia (CBA)
CBA priced an increase to its June 2026 domestic bond on 9 September 2016.
Volume: A$50m
Outstanding volume in this line: A$275m
Coupon type: fixed
Coupon rate: 4.2%
Issue/re offer price: ND
Issue yield: 3.07%
Margin to swap: 114bps
Maturity date: 11 June 2026
National Australia Bank (NAB)
NAB priced a new, A$800m Tier 2 dual tranche domestic bond on 9 September 2016.
Fixed tranche
Volume: A$150m
Outstanding volume in this line: A$150m
Coupon type: fixed
Coupon rate: 4%
Issue/re offer price: 99.240%
Issue maturity: 4.17%
Margin to swap: 240bps
Maturity date: 21 September 2026
Floating tranche
Volume: A$650m
Outstanding volume in this line: A$650m
Coupon type: floating rate note
Coupon rate: 3m BBSW +240bps
Issue/re offer price: par
Margin to swap: 240bps/3m BBSW
Maturity date: 21 September 2026
Nordic Investment Bank (NIB)
NIB priced a tap to its February 2026 kangaroo bond on 7 September 2016.
Volume: A$50m
Outstanding volume in this line: A$320m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re offer price: 108.943% (plus 0.416% accrued)
Issue yield: 2.3325%
Margin to ACGB: 49.25bp/April 2026
Margin to swap: 51bps
Maturity date: 6 February 2026
Westpac Banking Corporation (Westpac)
Westpac priced an increase to its June 2026 domestic bond on 9 September 2016, and launched and priced a new senior unsecured domestic bond on 12 September 2016.
Increase to 2026 domestic bond
Volume: A$75m
Outstanding volume in this line: A$425m
Coupon type: fixed
Coupon rate: 4.125%
Issue/re offer price: 108.823% (plus 1.172% accrued)
Issue yield: 3.0675%
Margin to swap: 115bps
Maturity date: 4 June 2026
Launch of one year domestic bond
Volume: A$1bn
Outstanding volume in this line: A$1bn
Coupon type: floating rate note
Coupon rate: 3m BBSW +43bps
Issue/re offer price: par
Margin to ACGB: +43bps/3m BBSW
Maturity date: 15 September 2017
Source: KangaNews/FIIG Securities