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Tuesday 21 June 2016 by FIIG Research New issues list

New Issues

New issues for the period 14 June – 22 June 2016 including: African Development Bank, Auswide Bank, Inter American Development Bank, KommuneKredit, Muncipality Finance and Suncorp Metway

African Development Bank (AfDB)

AfDB prices an increase to its June 2026 kangaroo bond on 17 June 2016.

Volume: A$25m
Coupon type: fixed
Coupon rate: 4.5%
Issue/re offer price: 116.452%
Issue yield: 2.61%
Margin to ACGB: 52.25bps/April 2026
Maturity date: 2 June 2026

Auswide Bank (Auswide)

Auswide is the latest smaller ADI to enter the Tier 2 market.

Volume: A$13m
Coupon type: floating rate note
Coupon rate: 3m BBSW + 480bps
Issue/re offer price: par
Margin to swap: 480bps/3m BBSW
Maturity date: 17 June 2026

Inter American Development Bank (IADB)

IADB priced an increase to its June 2026 kangaroo bond on 14 June 2016.

Volume: A$60m
Coupon type: fixed
Coupon rate: 4.25%
Issue/re offer price: 114.485% (plus 0.186% accrued)
Issue yield: 2.59%
Margin to ACGB: 53bps/April 2026
Maturity date: 11 June 2026

International Finance Corporation (IFC)

IFC increased its July 2026 bond by A$60m on 16 June 2016.

Volume: A$60m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re offer price: 105.585% (plus 1.345% accrued)
Issue yield: 2.5675%
Margin to swap: 49bps
Margin to ACGB: 57.75bps/April 2026
Maturity date: 22 July 2026

KommuneKredit

KommuneKredit priced an increase to its November 2026 kangaroo bond on 17 June 2016.

Volume: A$80m
Coupon type: fixed
Coupon rate: 2.9%
Issue/re offer price: 100.943% (plus 0.213% accrued)
Issue yield: 2.795%
Margin to swap: 68bps
Margin to ACGB: 79.75bps/April 2026
Maturity date: 27 November 2026

Local Government Funding Vehicle (LGFV)

LGFV priced a new, 10 year Australian dollar transaction on 17 June 2016.

Volume: A$100m
Coupon type: fixed
Coupon rate: 3.64%
Issue/re offer price: par
Issue yield: 3.64%
Margin to swap: 145bps
Maturity date: 23 June 2026

Municipality Finance (Munifin)

Munifin added A$50m to its February 2026 kangaroo bond on 16 June 2016.

Volume: A$50m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 106.580% (plus 1.346% accrued)
Issue yield: 2.7175%
Margin to swap: 67bps
Margin to ACGB: 72.25bps/April 2026
Maturity date: 4 February 2026

Nederlandse Waterschapsbank (NWB)

NWB priced an increase to its September 2026 kangaroo bond on 16 June 2016.

Volume: A$50m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re offer price: 102.993% (plus 0.967% accrued)
Issue yield: 2.81%
Margin to swap: 71bps
Margin to ACGB: 81.25bps/April 2026
Maturity date: 2 September 2026

SGSP Australia Assets (SGSPAA)

SGSPAA launched and priced a new, seven year Australian dollar issue on 17 June 2016.

Volume: A$350m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re offer price: 99.407%
Issue yield: 3.8475%
Margin to swap: 182bps
Maturity date: 28 June 2023

Suncorp Metway (Suncorp)

Suncorp has priced its fourth domestic covered bond transaction on 15 June 2016.

Volume: A$500m
Coupon type: floating rate note
Coupon rate: 3m BBSW +110bps
Issue/re offer price: par
Margin to swap: 110bps/3m BBSW
Maturity date: 22 June 2021

Source: KangaNews/FIIG Securities

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