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Tuesday 05 September 2017 by FIIG Research New issues list

New Issues

New issues for the period 29 August 2017 – 6 September 2017 including: AFG, ANZ, Bank of Nova Scotia, CIBC, GPT Wholesale, KfW, Latitude Australia, Liberty, Macquarie, Manitoba, NWB, Ontario, Teachers Mutual and SMFG

Australian Finance Group (AFG)

AFG issued a new, A$350m 2017-1 trust series on 31 August 2017.

ANZ Banking Group (ANZ)

ANZ issued a new, A$225m Tier 2 euro medium term note on 31 August 2017.

Volume: A$225m
Outstanding in this line: A$225m
Coupon type: fixed
Coupon rate: 4.75%
Issue/re-offer price: par
Issue yield: 4.75%
Margin to swap: 194bps/s-q
Maturity date: 7 September 2032

Bank of Nova Scotia Australia Branch (BNS)

BNS issued a new, A$1bn dual tranche domestic bond on 1 September 2017.

FRN tranche
Volume: A$850m
Outstanding in this line: A$850m
Coupon rate: 3m BBSW +92bps
Issue/re-offer price: par
Margin to swap: 92bps/3m BBSW

Fixed tranche
Volume: A$150m
Outstanding in this line: A$150m
Coupon rate: 3.2%
Issue/re-offer price: 99.828%
Issue yield: 3.2375%
Margin to swap: 92bps/s-q
Maturity date: 8 September 2022

Canadian Imperial Bank of Commerce (CIBC)

CIBC issued a new, A$700m kangaroo covered bond on 31 August 2017.

Volume: A$700m
Outstanding in this line: A$700m
Coupon type: FRN
Coupon rate: 3m BBSW +55bps
Issue/re-offer price: par
Margin to swap: 55bps/3m BBSW
Maturity date: 7 December 2020

GPT Wholesale Shopping Centre Fund (GPT)

GPT issued a new, A$200m domestic bond on 31 August 2017.

Volume: A$200m
Outstanding in this line: A$200m
Coupon type: fixed
Coupon rate: 3.993%
Issue/re-offer price: par
Issue yield: 3.993%
Margin to swap: 145bps/s-q
Maturity date: 11 September 2024

KfW Bankengruppe (KfW)

KfW issued a new, A$150m kangaroo bond on 30 August 2017.

Volume: A$150m
Outstanding in this line: A$150m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 99.711%
Issue yield: 3.2325%
Margin to swap: 49bps/s-q
Margin to ACGB: 52.25bps/May 2028
Maturity date: 15 March 2028

Latitude Australia (Latitude)

Latitude issued a new, A$500m credit card loan note 2017-2 trust series on 31 August 2017.

Liberty Financial (Liberty)

Liberty issued a new, A$500m in Liberty series 2017-1 SME on 29 August 2017.

Macquarie Bank (Macquarie)

Macquarie issued a new, A$225m one year deal on 29 August 2017.

Volume: A$225m
Outstanding in this line: A$225m
Coupon type: FRN
Coupon rate: 3m BBSW +34bps
Issue/re-offer price: par
Margin to swap: 34bps/3m BBSW
Maturity date: 6 September 2018

The bank priced an increase to its 2018 domestic bond on 30 August 2017.

Volume: A$50m
Outstanding in this line: A$275m
Coupon type: FRN
Coupon rate: 3m BBSW +34bps
Issue/re-offer price: par
Margin to swap: 34bps/3m BBSW

NWB Bank (NWB)

NWB priced an increase to its 2027 kangaroo bond on 31 August 2017.

Volume: A$15m
Outstanding in this line: A$195m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 101.417%
Issue yield: ND
Margin to swap: 65bps/s-q
Margin to ACGB: 73bps/April 2027
Maturity date: 20 July 2027

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

Province of Ontario (Ontario)

Ontario priced an increased to its 2027 kangaroo bond on 28 August 2017.

Volume: A$30m
Outstanding in this line: A$290m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 101.5% (plus 0.39% accrued)
Issue yield: 3.3125%
Margin to swap: 70bps/s-q
Margin to ACGB: 74.5bps/April 2027
Maturity date: 27 January 2027

Teachers Mutual Bank (Teachers Mutual)

Teachers Mutual issued a new, A$20m Tier 2 domestic bond on 31 August 2017.

Volume: A$20m
Outstanding in this line: A$20m
Coupon type: FRN
Coupon rate: 3m BBSW +280bps
Issue/re-offer price: par
Margin to swap: 280bps/3m BBSW
Maturity date: 7 September 2027

Sumitomo Mitsui Financial Group (SMFG)

SMFG issued a new, A$750m dual tranche sec-registered deal on 31 August 2017.

FRN tranche
Volume: A$450m
Outstanding in this line: A$450m
Coupon rate: 1m BBSW +120bps
Issue/re-offer price: par
Margin to swap: 120bps/1m BBSW

Fixed tranche
Volume: A$300m
Outstanding in this line: A$300m
Coupon rate: 3.604%
Issue/re-offer price: par
Issue yield: 3.604%
Margin to swap: 120bps/s-q
Maturity date: 7 March 2023

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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