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Tuesday 28 March 2017 by FIIG Research New issues list

New Issues

New issues for the period 28 March 2017 – 4 April 2017 including: CBA, Heartland Bank, Investa Office Fund, Kommunalbanken Norway, ME Bank, Province of Ontario and United Overseas Bank Sydney Branch

Commonwealth Bank of Australia (CBA)

CBA issued A$650m in a dual tranche domestic bond on 28 March 2017.

Fixed rate tranche
Volume: A$450m
Outstanding volume in this line: A$450m
Coupon rate: 3.25%
Issue/re offer price: 99.863%
Issue yield:3.28%
Margin to swap: 92bps
Maturity date: 31 March 2022

Floating rate tranche
Volume: A$200m
Outstanding volume in this line: A$200m
Coupon rate: 3m BBSW +92bps
Issue/re offer price: par
Margin to swap: 92bps/3m BBSW
Maturity date: 31 March 2022

Heartland Bank (Heartland)

Heartland issued a new Tier 2 bond in the Australian dollar market on 31 March 2017. Price guidance is 415bps over bank bills for a 10 year non call five tenor.

Volume: A$20m
Outstanding volume in this line: A$20m
Coupon type: floating rate note
Coupon rate: 3m BBSW +415bps
Issue/re offer price: par
Margin to swap: 145bps/3m BBSW
Maturity date: 7 April 2022

Investa Office Fund (IOF)

IOF launched and priced Australia’s first domestic corporate green bond on 30 March 2017.

Volume: A$150m
Outstanding volume in this line: A$150m
Coupon type: fixed rate
Coupon rate: 4.262%
Issue/re offer price: par
Issue yield: 4.262%
Margin to swap: 168bps
Maturity date: 5 April 2024

Kommunalbanken Norway (KBN)

KBN priced an increase to its July 2025 kangaroo bond on 3 April 2017.

Volume: A$100m
Outstanding volume in this line: A$1.33bn
Coupon type: fixed rate
Coupon rate: 4.25%
Issue/re offer price: 106.960% (plus 0.939% accrued)
Issue yield: 3.2825%
Margin to swap: 65bps
Margin to ACGB: 65bps/April 2025
Maturity date: 16 July 2025

Member’s Equity Bank (ME Bank)

ME Bank issued a new, three year floating rate note on 29 March 2017.

Volume: A$200m
Outstanding volume in this line: A$200m
Coupon type: floating rate note
Coupon rate: 3m BBSW +125bps
Issue/re offer price: par
Margin to swap: 125bps/3m BBSW
Maturity date: 6 April 2020

Province of Ontario (Ontario)

Ontario priced an increase to its January 2027 kangaroo bond on 30 March 2017.

Volume: A$30m
Outstanding volume in this line: A$200m
Coupon type: fixed rate
Coupon rate: 3.5%
Issue/re offer price: 99.115%
Issue yield: 3.6075%
Margin to swap: 80bps
Margin to ACGB: 91.75bps/April 2027
Maturity date: 27 January 2027

United Overseas Bank Sydney Branch (UOB)

UOB issued A$300m in a four year domestic bond on 28 March 2017.

Volume: A$300m
Outstanding volume in this line: A$300m
Coupon type: floating rate note
Coupon rate: 3m BBSW +81bps
Issue/re offer price: par
Margin to swap: 81bps/3m BBSW
Maturity date: 6 April 2021

Source: KangaNews/FIIG Securities

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