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Tuesday 30 May 2017 by FIIG Research New issues list

New Issues

New issues for the period 23 May 2017 – 30 May 2017 including: BTMU Sydney, BNG Bank, EUROFIMA, Greater Bank, ING Bank, Liberty Financial, Municipality Finance, MyState Bank and Westpac

Bank of Tokyo-Mitsubishi UFJ Sydney Branch (BTMU Sydney)

BTMU Sydney issued a new, two year domestic bond on 23 May 2017.

Volume: A$100m
Outstanding volume in this line: A$100m
Coupon type: floating rate note
Coupon rate: 3m BBSW +75bps
Issue/re offer price: par
Margin to swap: 75bps/3m BBSW
Maturity date: 30 May 2019

BNG Bank

BNG Bank priced an increase to its July 2027 kangaroo bond on 23 May 2017.

Volume: A$50m
Outstanding volume in this line: A$445m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 101.687% (plus 1.218% accrued)
Issue yield: 3.3025%
Margin to swap: 72bps
Margin to ACGB: 85.25bps/April 2027
Maturity date: 19 July 2027

EUROFIMA

EUROFIMA priced an increase to its January 2027 kangaroo bond on 24 May 2017.

Volume: A$20m
Outstanding volume in this line: A$325m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re offer price: 94.23%
Issue yield: 3.305%
Margin to swap: 68bps
Margin to ACGB: 83.25bps/April 2027
Maturity date: 13 January 2027

Greater Bank

Greater Bank issued a new, A$20m three year bond on 23 May 2017.

Volume: A$20m
Outstanding volume in this line: A$20m
Coupon type: floating rate note
Coupon rate: 3m BBSW +140bps
Issue/re offer price: par
Margin to swap: 140bps/3m BBSW
Maturity date: 29 May 2020

ING Bank Australia (ING)

ING issued A$1.17bn in its new IDOL 2017-1 residential mortgage backed security on 26 May 2017.

Liberty Financial (Liberty)

Liberty issued a new, three year domestic bond on 24 May 2017.

Volume: A$200m
Outstanding volume in this line: A$200m
Coupon type: fixed
Coupon rate: 5.1%
Issue/re offer price: 99.821%
Issue yield: 5.165%
Margin to swap: 325bps
Maturity date: 1 June 2020

Municipality Finance (Munifin)

Munifin priced an increase to its July 2027 kangaroo bond on 23 May 2017.

Volume: A$15m
Outstanding volume in this line: A$55m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re offer price: 101.454% (plus 1.307% accrued)
Issue yield: 3.23%
Margin to swap: 65bps
Margin to ACGB: 78.75bps/April 2027
Maturity date: 13 July 2027

MyState Bank

MyState Bank priced its residential mortgage backed security, ConQuest 2017-1, on 25 May 2017. Total volume is A$400m.

Westpac Banking Corporation (Westpac)

Westpac issued a new, dual tranche covered bond on 24 May 2017.

Fixed rate tranche
Volume: A$400m
Outstanding volume in this line: A$400m
Coupon rate: 2.75%
Issue/re offer price: 99.096%
Issue yield: 2.9375%
Margin to swap: 76bps
Maturity date: 31 August 2022

Floating rate tranche
Volume: A$1.6bn
Outstanding volume in this line: A$1.6bn
Coupon rate: 3m BBSW +76bps
Issue/re offer price: par
Margin to swap: 76bps/3m BBSW
Maturity date: 31 August 2022

Source: KangaNews/FIIG Securities

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