New issues for the period 22 August 2017 – 30 August 2017 including: African Development Bank, AMP Bank, Australian Office of Financial Management, China Construction Bank, DBS Bank, FBG Finance, KBN, Northern Territory Treasury Corporation and Manitoba
African Development Bank (AfDB)
ADB priced an increased to its 2027 kangaroo bond on 23 August 2017.
Volume: A$35m
Outstanding in this line: A$385m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 101.036% (plus 0.3050% accrued)
Issue yield: 3.177%
Margin to swap: 47bps/s-q
Margin to ACGB: 55.5bps/April 2027
Maturity date: 27 July 2027
AMP Bank (AMP)
AMP issued a new, A$250m Tier two domestic bond on 23 August 2017.
Volume: A$250m
Outstanding in this line: A$250m
Coupon type: FRN
Coupon rate: 3m BBSW +180bps
Issue/re-offer price: par
Margin to swap: 180bps/3m BBSW
Maturity date: 1 December 2027
Australian Office of Financial Management (AOFM)
AOFM issued a new, A$3m syndicate linker on 23 August 2017.
Volume: A$3bn
Outstanding in this line: A$3bn
Coupon type: fixed
Coupon rate: 0.75%
Issue/re-offer price: 98.838% (plus 0.020% accrued)
Issue yield: 0.8725%
Margin to EFP: -180.75bps
Margin to ACGBi: 10.5bps/September 2025
Maturity date: 21 November 2027
China Construction Bank Sydney Branch (CCB)
CCB issued a new, one year domestic bond on 23 August 2017.
Volume: A$100m
Outstanding in this line: A$100m
Coupon type: FRN
Coupon rate: 3m BBSW +55bps
Issue/re-offer price: par
Margin to swap: 55bps/3m BBSW
Maturity date: 30 August 2018
DBS Bank (DBS)
DBS issued a new, A$900m dual tranche covered bond on 24 August 2017.
FRN tranche
Volume: A$750m
Outstanding in this line: A$750m
Coupon rate: 3m BBSW +51bps
Issue/re-offer price: par
Margin to swap: 51bps/3m BBSW
Maturity date: 4 September 2020
Fixed tranche
Volume: A$150m
Outstanding in this line: A$150m
Coupon rate: 2.5%
Issue/re-offer price: 99.770%
Issue yield: 2.58%
Margin to swap: 51bps/s-q
Maturity date: 4 September 2020
FBG Finance (FBG)
FBG, on behalf of Anheuser-Busch Inbev, issued a new A$1.95bn domestic bond on 24 August 2017.
Five-year fixed
Volume: A$550m
Outstanding in this line: A$550m
Maturity date: 6 September 2022
Coupon rate: 3.25%
Issue/re-offer price: 99.726%
Issue yield: 3.31%
Margin to swap: 97bps/s-q
Five-year FRN
Volume: A$300m
Outstanding in this line: A$300m
Maturity date: 6 September 2022
Coupon rate: 3m BBSW +97bps
Issue/re-offer price: par
Margin to swap: 97bps/3m BBSW
Seven-year fixed
Volume: A$650m
Outstanding in this line: A$650m
Maturity date: 6 September 2024
Coupon rate: 3.75%
Issue/re-offer price: 99.863%
Issue yield: 3.7725%
Margin to swap: 125bps/s-q
10-year fixed
Volume: A$450m
Outstanding in this line: A$450m
Maturity date: 6 September 2027
Coupon rate: 4.1%
Issue/re-offer price: 99.231%
Issue yield: 4.195%
Margin to swap: 145bps/s-q
Kommunalbanken Norway (KBN)
KBN priced an increase to its 2026 kangaroo bond on 23 August 2017.
Volume: A$70m
Outstanding in this line: A$495m
Coupon type: fixed
Coupon rate: 3%
Issue/re-offer price: 97.675% (plus 0.672% accrued)
Issue yield: 3.2925%
Margin to swap: 60bps/s-q
Margin to ACGB: 70.25bps/April 2026
Maturity date: 9 December 2026
Northern Territory Treasury Corporation (NTTC)
NTTC issued a new, A$500m benchmark bond on 22 August 2017.
Volume: A$500m
Outstanding in this line: A$500m
Coupon type: fixed
Coupon rate: 2.5%
Issue/re-offer price: 99.270% (plus 0.679% accrued)
Issue yield: 2.65%
Margin to ACGB: 46.75bps/July 2022
Margin to EFP: 67bps
Maturity date: 21 November 2022
Province of Manitoba (Manitoba)
Manitoba priced an increase to its 2027 kangaroo bond on 28 August 2017.
Volume: A$75m
Outstanding in this line: A$175m
Coupon type: fixed
Coupon rate: 3.6%
Issue/re-offer price: 101.780%
Issue yield: 3.3875%
Margin to swap: 70bps/s-q
Margin to ACGB: 77.75bps/April 2027
Maturity date: 17 August 2027