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Tuesday 22 August 2017 by FIIG Research New issues list

New Issues

New issues for the period 16 August 2017 – 22 August 2017 including: Bendigo and Adelaide Bank, ETSA Utilities Finance, BTMU Sydney, KfW Bankengruppe, NWB Bank, Optus and Suncorp

Bendigo and Adelaide Bank (BEN)

BEN issued a new, A$750m in Torrens on 18 August 2017.

Note class: A
Tranche volume: A$690m
Tranche rating: AAA/AAA
WAL: 3.3 years
Margin to swap: 103bps/1m BBSW
Initial credit support: 8%

Note class: AB
Tranche volume: A$21.375m
Tranche rating: AAA/AAA
WAL: 5.7 years
Margin to swap: 175bps/1m BBSW
Initial credit support: 5.2%

Note class: B
Tranche volume: A$14.625m
Tranche rating: AA/NR
WAL: 5.7 years
Margin to swap: 215bps/1m BBSW
Initial credit support: 3.2%

Note class: C
Tranche volume: A$11.25m
Tranche rating: A/NR
WAL: 5.7 years
Margin to swap: 310bps/1m BBSW
Initial credit support: 1.7%

Note class: D
Tranche volume: A$5.625m
Tranche rating: BBB/NR
WAL: 5.7 years
Margin to swap: 400bps/1m BBSW
Initial credit support: 1%

Note class: E
Tranche volume: A$7.125m
Tranche rating: NR/NR
WAL: 5.7 years
Margin to swap: 590bps/1m BBSW
Initial credit support: N/A

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

BTMU Sydney issued a new, A$550m dual tranche bond on 17 August 2017.

FRN tranche
Volume: A$400m
Outstanding in this line: A$400m
Coupon rate: 3m BBSW +76bps
Issue/re-offer price: par
Margin to swap: 76bps/3m BBSW

Fixed rate tranche
Volume: A$150m
Outstanding in this line: A$150m
Coupon rate: 2.75%
Issue/re-offer price: 99.821%
Issue yield: 2.8125%
Margin to swap: 76bps/s-q
Maturity date: 24 August 2020

ETSA Utilities Finance (ETSA Utilities)

ETSA Utilities issued a new, A$550m dual maturity domestic bond on 18 August 2017.

Five-year FRN
Volume: A$175m
Outstanding in this line: A$175m
Coupon rate: 3m BBSW +102bps
Issue/re-offer price: par
Margin to swap: 102bps/3m BBSW
Maturity date: 29 August 2022

Seven-year fixed
Volume: A$375m
Outstanding in this line: A$375m
Coupon rate: 3.5%
Issue/re-offer price: 99.087%
Issue yield: 3.649%
Margin to swap: 117bps/s-q
Maturity date: 29 August 2024

KfW Bankengruppe (KfW)

KfW priced an increase to its 2026 kangaroo bond on 16 August 2017.

Volume: A$100m
Outstanding in this line: A$950m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 100.645%
Issue yield: 3.1175%
Margin to swap: 47/s-q
Margin to ACGB: 55bps/April 2026
Maturity date: 11 September 2026

NWB Bank (NWB)

NWB issued a new, A$15m kangaroo bond on 18 August 2017.

Volume: A$15m
Outstanding in this line: A$180m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 101.57%
Issue yield: ND
Margin to swap: 65bps/s-q
Margin to ACGB: 74.75bps/April 2027
Maturity date: 20 July 2027

Optus Finance (Optus)

Optus issued a new A$400m domestic bond on 17 August 2017.

Volume: A$400m
Outstanding in this line: A$400m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 99.851%
Issue yield: 3.2825%
Margin to swap: 97bps/s-q
Maturity date: 23 August 2022

Suncorp-Metway (Suncorp)

Suncorp priced an increase to its 2026 covered bond on 15 August 2017.

Volume: A$150m
Outstanding in this line: A$600m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 96.285%
Issue yield: 3.74%
Margin to swap: 108bps/s-q
Maturity date: 24 August 2026

Source: KangaNews/FIIG Securities

Please note that FIIG may not trade in all of the above securities, contact your FIIG representative for more information.

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