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Monday 24 April 2017 by FIIG Research New issues list

New Issues

New issues for the period 11 April 2017 – 24 April 2017 including: Bank of China Sydney Branch, Vicinity Centres, Heritage Bank, Coca-Cola Amatil and Wells Fargo & Company

African Development Bank

ADFB priced a A$25m increase to its July 2027 domestic bond on 21 April 2017.

Volume: A$25m
Total outstanding in this line: A$175m
Coupon type: fixed rate
Coupon rate: 3.30%
Issue/re-offer price: 100.777 (plus 0.83% accrued)
Issue yield: 3.21%
Margin to swap: 51bps/s-q
Margin to ACGB: 67bps/November 2027

Bank of China Sydney Branch

Volume: A$800m
Outstanding volume in this line: A$800m
Coupon type: fixed rate
Coupon rate: 3m BBSW + 123bps
Issue/re offer price: par
Margin to swap: 123bps/3m BBSW
Maturity date: 20 April 2022

Coca-Cola Amatil

Volume: A$100m
Total outstanding in this line: A$100m
Coupon type: fixed rate
Coupon rate: 3.50%
Issue/re-offer price: 99.288%
Issue yield: 3.617%
Margin to swap: 118bps/s-q

Heritage Bank

Heritage Bank priced a three year floating rate note offer in the domestic market on 20 April 2017.

Volume: A$200m
Total outstanding in this line: A$200m
Coupon type: FRN
Coupon rate: 3m BBSW +130bps
Issue/re-offer price: par
Margin to swap: 130bps/3m BBSW
Maturity date: 4 May 2020

ICPF Finance

Investa Commercial Property Fund printed A$100 million of 10-year notes on 12 April 2017.

Volume: A$100m
Outstanding volume in this line: A$100m
Coupon type: fixed rate
Coupon rate: 4.25%
Issue/re offer price: par
Issue yield: 4.25%
Margin to swap: 155bps/s-q
Maturity date: 21 April 2027

KfW Bankengruppe

KfW priced a A$100m increase to its May 2021 domestic bond on 20 April 2017.

Volume: A$100m
Total outstanding in this line: A$2bn
Coupon type: fixed rate
Coupon rate: 6.25%
Issue/re-offer price: 114.947%
Issue yield: 2.365%
Margin to swap: 33bps/s-q
Margin to ACGB: 43.5bps/May 2021
Maturity date: 19 May 2021

Seek

Seek printed A$175m of five-year senior-unsecured floating-rate notes on 11 April 2017.

Volume: A$175m
Total outstanding in this line: A$175m
Coupon type: FRN
Coupon rate: 3m BBSW +230bps
Issue/re-offer price: par
Margin to swap: 230bps/3m BBSW
Maturity date: 28 April 2022

Vicinity Centres

On 19 April 2017, Vicinity issued A$400m in a dual-tranche domestic deal.

Seven-year fixed rate
Volume: A$200m
Total outstanding in this line: A$200m
Coupon rate: 3.50%
Issue/re-offer price: 98.807%
Issue yield: 3.695%
Margin to swap: 130bps/s-q
Maturity date: 26 April 2024

Ten-year fixed rate
Volume: A$200m
Total outstanding in this line: A$200m
Coupon rate: 4.00%
Issue/re-offer price: 98.984%
Issue yield: 4.125%
Margin to swap: 150bps/s-q
Maturity date: 26 April 2027

Wells Fargo & Company

Wells Fargo & Company priced a multi tranched Australian dollar senior-unsecured global transaction on 19 April 2017.

Five-year fixed rate
Volume: A$400m
Total outstanding in this line: A$400m
Maturity date: 27 April 2022
Coupon rate: 3.25%
Issue/re-offer price: 99.943%
Issue yield: 3.2625%
Margin to ACGB: 123bps/July 2022
Margin to swap: 110bps/s-q

Five-year FRN
Volume: A$550m
Total outstanding in this line: A$550m
Maturity date: 27 April 2022
Coupon rate: 3m BBSW +110bps
Issue/re-offer price: par
Margin to swap: 110bps/3m BBSW

Ten-year fixed rate
Volume: A$250m
Total outstanding in this line: A$250m
Maturity date: 27 April 2027
Coupon rate: 4.00%
Issue/re-offer price: 99.877%
Issue yield: 4.015%
Margin to ACGB: 156.5bps/April 2027

Source: KangaNews/FIIG Securities

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