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Tuesday 23 May 2017 by FIIG Research New issues list

New Issues

New issues for the period 16 May 2017 – 23 May 2017 including: BNG Bank, European Investment Bank, IMB Bank, NAB, Nordic Investment Bank and more

BNG Bank

BNG Bank priced an increase to its July 2027 kangaroo bond on 19 May 2017.

Volume: A$25m
Outstanding volume in this line: A$405m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 101.537% (plus 1.228% accrued)
Issue yield: 3.32%
Margin to swap: 72bps
Margin to ACGB: 84.5bps/April 2027
Maturity date: 19 July 2027

Caterpillar Financial Australia (Caterpillar)

Caterpillar launched and priced a new three year domestic bond on 19 May 2017.

Volume: A$150m
Outstanding volume in this line: A$150m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re offer price: 99.742%
Issue yield: 2.69%
Margin to swap: ND
Maturity date: 26 May 2020

European Investment Bank (EIB)

EIB priced an increase to its August 2026 kangaroo bond on 18 May 2017.

Volume: A$200m
Outstanding volume in this line: A$800m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re offer price: 99.521% (plus 0.873% accrued)
Issue yield: 3.16%
Margin to swap: 59bps
Margin to ACGB: 72.5bps/April 2026
Maturity date: 17 August 2026

IMB Bank

IMB Bank issued a new, A$40m domestic Tier 2 bond on 19 May 2017.

Volume: A$40m
Outstanding volume in this line: A$40m
Coupon type: floating rate note
Coupon rate: 300bps +3m BBSW
Issue/re offer price: par
Margin to swap: 300bps/3m BBSW
Maturity date: 26 May 2027

KfW Bankengruppe (KFW)

KFW priced an increase to its March 2024 kangaroo bond on 18 May 2017.

Volume: A$150m
Outstanding volume in this line: A$1.7bn
Coupon type: fixed
Coupon rate: 5%
Issue/re offer price: 114.031%
Issue yield: 2.73%
Margin to swap: 46bps
Margin to ACGB: 48.25bps/April 2024
Maturity date: 19 March 2024

National Australia Bank (NAB)

NAB issued a new, 10 year domestic bond on 18 May 2017.

Volume: A$100m
Outstanding volume in this line: A$100m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re offer price: 99.793%
Issue yield: 3.775%
Margin to swap: 115bps
Maturity date: 25 May 2027

Nordic Investment Bank (NIB)

NIB priced an increase to its April 2022 kangaroo bond on 17 May 2017.

Volume: A$125m
Outstanding volume in this line: A$1bn
Coupon type: fixed
Coupon rate: 5%
Issue/re offer price: 111.653% (plus 0.478% accrued)
Issue yield: 2.4625%
Margin to swap: 35bps
Margin to ACGB: 40.75bps/July 2022
Maturity date: 19 April 2022

NWB Bank

NWB Bank priced an increase to its July 2020 kangaroo bond on 16 May 2017.

Volume: A$25m
Outstanding volume in this line: A$50m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 101.022%
Issue yield: 3.38%
Margin to swap: 67bps
Margin to ACGB: 80.25bps/April 2027
Maturity date: 20 July 2020

Rentenbank

Rentenbank priced an increase to its March 2027 kangaroo bond on 19 May 2017.

Volume: A$50m
Outstanding volume in this line: A$625m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re offer price: 95.426%
Issue yield: 3.145%
Margin to ACGB: 67.25bps/April 2027
Maturity date: 23 March 2027

Source: KangaNews/FIIG Securities

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