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Tuesday 09 June 2015 by FIIG Research New issues list

New Issues

New issues from 3 June to 9 June 2015 including Dexus Wholesale Property Fund and Energy Partnership Gas

Canadian Imperial Bank of Commerce (CIBC)

On 5 June, CIBC priced a new five year covered bond at 65 basis points (bps) over the 3 month Bank Bill Swap Rate (3m BBSW).

Volume: A$300m
Coupon type: FRN (floating rate note)
Coupon rate: 3m BBSW+65bp
Maturity date: 12 June 2020

Dexus Wholesale Property Fund (DWPF)

On 4 June, DWPF launched a new seven year fixed rate deal at 130 basis points (bps) over semi quarterly swap.

Volume: A$150m
Coupon rate: 4.25%
Issue yield: 4.28%
Maturity date: 16 June 2022

Following this, DWPF priced a new 10 year deal on 5 June at 155 bps over semi quarterly swap.

Volume: A$50m
Coupon rate: 4.75%
Issue yield: 4.795%
Maturity date: 16 June 2025

Energy Partnership Gas (Energy Partnership)

On June 4, Energy Partnership priced a new five year fixed rate deal – its first deal in the local market since 2007. The issue has a total volume of A$230m across two tranches.

Fixed rate tranche
Volume: A$210m
Coupon rate: 4.25%
Issue yield: 4.33%

Floating rate tranche
Volume: A$20m
Coupon rate: 3m BBSW +165bp

Inter-American Development Bank (IADB)

IADB added A$150m to its 2020 line on June 4. The total outstanding is now A$1.4bn at 48.5 bps over the Australian Commonwealth Government Bond (ACGB).

Volume: A$150m
Coupon rate: 3.25%
Issue yield: 2.7725%
Maturity date: 7 February 2020

Kommunalbanken Norway (KBN)

On 4 June, KBN added a further A$50m to its July 2025 line with pricing of 58.75 bps over the ACGB.

Total outstanding in this line: A$800m
Coupon rate: 4.25%
Issue yield: 3.25%
Maturity date: 16 July 2025

Source: KangaNews, FIIG Securities

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