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Monday 16 May 2016 by FIIG Research New issues list

New Issues

New issues for the period 9 May – 17 May 2016 including: Airservices Australia, Bank of Queensland, European Investment Bank, KfW Bankengruppe and Swedish Export Credit Corporation

Airservices Australia (AsA)

AsA priced a dual tranche fixed rate bond on 12 May 2016.

Tranche one
Volume: A$200m
Coupon type: fixed
Coupon rate: 2.75%
Issue/re-offer price: 98.619%
Issue yield: 2.975%
Maturity date: 15 May 2023
Margin to swap: ND

Tranche two
Volume: A$200m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re-offer price: 99.824%
Issue yield: 3.275%
Maturity date: 15 May 2026
Margin to swap: ND

Bank of Queensland (BOQ)

BOQ priced a new, five year senior unsecured benchmark bond on 11 May 2016.

Volume: A$600m
Coupon type: floating rate note
Coupon rate: 3m BBSW +148bps
Issue/re-offer price: par
Margin to swap: 148bps/3m BBSW
Maturity date: 18 May 2021

European Investment Bank (EIB)

EIB priced a tap to its August 2026 bond on 12 May 2016.

Volume: A$100m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 102.087%
Issue yield: 3.1%
Maturity date: 17 August 2026
Margin to swap: 54bps/-q

KfW Bankengruppe (KfW)

KfW priced two increases to its existing February 2021 and September 2026 bonds.

Increase date: 13 May 2016
Volume: A$300m
Coupon type: fixed
Coupon rate: 2.8%
Issue/re-offer price: 101.861% (plus 0.715% accrued)
Issue yield: 2.3825%
Maturity date: 17 February 2021
Margin to ACGB: 60.75bps/May 2021

Increase date: 10 May 2016
Volume: A$150m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 103.084%
Issue yield: 2.8525%
Maturity date: 11 September 2026
Margin to ACGB: 56bps/April 2026

Nederlandse Waterschapbank (NWB)

NWB priced an increase to its September 2026 bond on 10 May 2016.

Volume: A$30m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re-offer price: 100.83% (plus 0.615% accrued)
Issue yield: 3.055%
Maturity date: 2 September 2026
Margin to ACGB: 76.75bps/April 2026

Province of Manitoba (Manitoba)

Manitoba priced an increase to its June 2026 bond on 9 May 2016.

Volume: A$50m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re-offer price: 105.383% (plus 1.629% accrued)
Issue yield: 3.1225%
Maturity date: 9 June 2026
Margin to ACGB: 80bps/April 2026

Swedish Export Credit Corporation (SEK)

SEK priced an increase to its September 2026 bond on 11 May 2016.

Volume: A$30m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 103.389% (plus 0.547% accrued)
Issue yield: 2.9175%
Maturity date: 18 September 2026
Margin to ACGB: 62.75bps/April 2026

Tasmanian Public Finance Corporation (Tascorp)

Tascorp priced a tap to its May 2046 Australian dollar bond on 13 May 2016.

Volume: A$45m
Coupon type: fixed
Coupon rate: 4.35%
Issue/re-offer price: 101.896% (plus 0.213% accrued)
Issue yield: 4.2375%
Maturity date: 2 May 2046
Margin to ACGB: 120bps/June 2039

Source: KangaNews, FIIG Securities

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