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Tuesday 08 November 2016 by FIIG Research New issues list

New Issues

New issues for the period 1 November – 8 November 2016 including: CBA, Inter American Development Bank, South Australian Government Financing Authority and World Bank

Commonwealth Bank of Australia (CBA)

On 4 November 2016 CBA issued A$2.3bn in its first domestic covered bond transaction since 2014.

Issue: five year fixed
Volume: A$700m
Outstanding volume in this line: A$700m
Coupon type: fixed
Coupon rate: 2.75%
Issue/re offer price: 99.491%
Issue yield: 2.86%
Margin to swap: 85bps
Maturity date: 17 November 2021

Issue: five year floating
Volume: A$1.4bn
Outstanding volume in this line: A$1.4bn
Coupon type: floating
Coupon rate: 3m BBSW+85bps
Issue/re offer price: par
Margin to swap: 85bps/3m BBSW
Maturity date: 17 November 2021

Issue: ten year fixed
Volume: A$200m
Outstanding volume in this line: A$200m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re offer price: 99.114%
Issue yield: 3.355%
Margin to swap: 102bps
Maturity date: 17 November 2026

Inter American Development Bank (IADB)

IADB priced an increase to its April 2027 kangaroo bond on 4 November 2016.

Volume: A$30m
Outstanding volume in this line: A$225m
Coupon type: fixed
Coupon rate: 2.5%
Issue/re offer price: 96.69%
Issue yield: 2.87%
Margin to swap: 50bps
Margin to ACGB: 52bps/April 2027
Maturity date: 14 April 2027

South Australian Government Financing Authority (SAFA)

SAFA priced A$750m in a new August 2024 domestic benchmark bond on 8 November 2016.

Volume: A$750m
Outstanding volume in this line: A$750m
Coupon type: fixed
Coupon rate: 2.25%
Issue/re offer price: 97.59% (plus 0.563% accrued)
Issue yield: 2.595%
Margin to EFP: 26.5bps/10yr ACGB futures
Maturity date: 15 August 2024

World Bank

World Bank issued A$135m in a rare 15 year maturity kangaroo bond on 7 November 2016.

Volume: A$135m
Outstanding volume in this line: A$135m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 99.730%
Issue yield: 3.0225%
Margin to swap: 47bps
Margin to ACGB: 51.25bps/April 2029
Maturity date: 14 November 2031

Source: KangaNews/FIIG Securities

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