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Tuesday 28 February 2017 by FIIG Research New issues list

New Issues

New issues for the period 21 February – 28 February 2017 including: African Development Bank, ANZ, Australian Office of Financial Management, Bank of China Sydney Branch, Rabobank Australia and more

African Development Bank (AfDB)

AfDB priced an increase to its July 2027 kangaroo bond on 22 February 2017.

Volume: A$25m
Outstanding volume in this line: A$125m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re offer price: 98.308% (plus 0.301% accrued)
Issue yield: 3.495%
Margin to swap: 51bps
Margin to ACGB: 66.5bps/April 2027
Maturity date: 27 July 2027

ANZ Banking Group (ANZ)

ANZ launched and priced a dual tranche 2022 domestic bond on 27 February 2017.

Fixed rate tranche
Volume: A$400m
Outstanding volume in this line: A$400m
Coupon rate: 3.3%
Issue/re offer price: 99.578%
Issue yield: 3.3925%
Margin to swap: 100bps
Maturity date: 7 March 2022

Floating rate tranche
Volume: A$1.6bn
Outstanding volume in this line: A$1.6bn
Coupon rate: 3m BBSW +100bps
Issue/re offer price: par
Margin to swap: 100bps/3m BBSW
Maturity date: 7 March 2022

Australian Office of Financial Management (AOFM)

The AOFM has priced its largest ever deal in an A$11bn November 2028 benchmark bond on 22 February 2017.

Volume: A$11bn
Outstanding volume in this line: A$11bn
Coupon type: fixed
Coupon rate: 2.75%
Issue/re offer price: 97.494% (plus 0.767% accrued)
Issue yield: 3.005%
Margin to EFP: 14bps
Maturity date: 21 November 2028

Bank of China Sydney Branch (BoC Sydney)

BoC Sydney priced a new, three year domestic benchmark bond on 21 February 2017.

Volume: A$800m
Outstanding volume in this line: A$800m
Coupon type: floating rate note
Coupon rate: 3mBBSW +100bps
Issue/re offer price: par
Margin to swap: 100bps/3m BBSW
Maturity date: 2 March 2020

Coöperatieve Rabobank Australia Branch (Rabobank Australia)

Rabobank Australia issued and priced a new five year domestic bond on 24 February 2017.

Volume: A$500m
Outstanding volume in this line: A$500m
Coupon type: floating rate note
Coupon rate: 3m BBSW +108bps
Issue/re offer price: par
Margin to swap: 108bps/3m BBSW
Maturity date: 3 March 2022

Inter-American Development Bank (IADB)

IADB priced a A$500m increase to its July 2022 kangaroo bond on 23 February 2017.

Volume: A$500m
Outstanding volume in this line: A$1.66bn
Coupon type: fixed
Coupon rate: 3.75%
Issue/re offer price: 104.359%
Issue yield: 2.8725%
Margin to swap: 40bps
Margin to ACGB: 57bps/July 2022
Maturity date: 25 July 2022

KfW Bankengruppe (KfW)

KfW priced an increase to its 2022 kangaroo bond on 24 February 2017.

Volume: A$450m
Outstanding volume in this line: A$1bn
Coupon type: fixed
Coupon rate: 2.9%
Issue/re offer price: 99.913%
Issue yield: 2.9715%
Margin to swap: 47bps
Margin to ACGB: 65.75bps/July 2022
Maturity date: 6 June 2022

Kommunalbanken Norway (KBN)

KBN priced an increase to its 2024 kangaroo bond on 24 February 2017.

Volume: A$165m
Outstanding volume in this line: A$715m
Coupon type: fixed
Coupon rate: 5.25%
Issue/re offer price: 112.975%
Issue yield: 3.255%
Margin to swap: 68bps
Margin to ACGB: 74.5bps/April 2024
Maturity date: 15 July 2024

L-Bank

L-Bank priced an increase to its 2026 kangaroo bond on 23 February 2017.

Volume: A$25m
Outstanding volume in this line: A$205m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 95.397%
Issue yield: 3.5775%
Margin to swap: 68bps
Margin to ACGB: 84.75bps/April 2026
Maturity date: 18 August 2026

Nissan Financial Services Australia (Nissan Australia)

Nissan Australia issued a new, three year domestic bond on 24 February 2017.

Volume: A$450m
Outstanding volume in this line: A$450m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 99.943%
Issue yield: 3.02%
Margin to swap: 90bps
Maturity date: 2 March 2020

Nordic Investment Bank (NIB)

NIB priced an increase to its 2027 kangaroo bond on 21 February 2017.

Volume: A$60m
Outstanding volume in this line: A$110m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re offer price: 98.561% (plus 0.119% accrued)
Issue yield: 3.465%
Margin to ACGB: 65.75bps/April 2026
Margin to swap: 50bps
Maturity date: 16 August 2027

Province of Manitoba (Manitoba)

Manitoba priced an increase to its 2027 kangaroo bond on 24 February 2017.

Volume: A$50m
Outstanding volume in this line: A$100m
Coupon type: fixed
Coupon rate: 3.60%
Issue/re offer price: 99.095% (plus 0.139% accrued)
Issue yield: 3.705%
Margin to swap: 80bps
Margin to ACGB: 98bps/April 2027
Maturity date: 17 August 2027

Rentenbank

Rentenbank priced an increase to its 2024 kangaroo bond on 21 February 2017.

Volume: A$75m
Outstanding volume in this line: A$1.37bn
Coupon type: fixed
Coupon rate: 4.75%
Issue/re offer price: 109.791%
Issue yield: 3.1975%
Margin to swap: 55bps
Margin to ACGB: 60.75bps/April 2024
Maturity date: 8 April 2024

Western Australian Treasury Corporation (WATC)

WATC issued a dual tranche floating rate note on 23 February 2017.

Tranche one
Volume: A$500m
Outstanding volume in this line: A$500m
Coupon type: floating rate note
Coupon rate: 3m BBSW +14bps
Issue/re offer price: par
Margin to swap: 14bps/3m BBSW
Maturity date: 3 March 2020

Tranche two
Volume: A$1bn
Outstanding volume in this line: A$1bn
Coupon type: floating rate note
Coupon rate: 3m BBSW +23bps
Issue/re offer price: par
Margin to swap: 23bps/3m BBSW
Maturity date: 3 March 2022

Source: KangaNews/FIIG Securities

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