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Tuesday 05 July 2016 by FIIG Research New issues list

New Issues

New issues for the period 29 June – 5 July 2016 including: African Development Bank, Auckland Council, Inter American Development Bank, International Finance Corporation, KfW Bankengruppe and Nordic Investment Bank

African Development Bank (AfDB)

AfDB added to its 2026 kangaroo bond on 29 June 2016.

Amount: A$60m
Outstanding volume in this line: A$215m
Coupon type: fixed
Coupon rate: 4.5%
Issue/re offer price: 117.19% (plus 0.418% accrued)
Issue yield: 2.5275%
Margin to swap: 51bps
Margin to ACGB: 50.75bps/April 2026
Maturity date: 2 June 2026

Auckland Council

Auckland Council tops up its 2026 kangaroo bond on 30 June 2016.

Amount: A$55m
Outstanding volume in this line: A$240m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 105.655% (plus 1.141% accrued)
Issue yield: 3.5%
Margin to ACGB: 83.25bps/April 2026
Maturity date: 9 March 2026

Fonterra Cooperative Group (Fonterra)

Fonterra added A$55m to its June 2026 kangaroo bond on 1 July 2016.

Amount: A$55m
Outstanding volume in this line: A$180m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re offer price: 100.536% (plus 0.225% accrued)
Issue yield: 3.6850%
Margin to swap: 165bps
Maturity date: 16 June 2026

Inter American Development Bank (IADB)

IADB priced a tap to its 2026 kangaroo bond on 1 July 2016.

Amount: A$30m
Outstanding volume in this line: A$190m
Coupon type: fixed
Coupon rate: 4.25%
Issue/re offer price: 115.247% (plus 0.395% accrued)
Issue yield: 2.5025%
Margin to ACGB: 50.25bps/April 2026
Maturity date: 11 June 2026

International Finance Corporation (IFC)

IFC topped up its July 2026 kangaroo bond on 28 June 2016.

Amount: A$30m
Outstanding volume in this line: A$560m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re offer price: 105.933% (plus 1.451% accrued)
Issue yield: 2.5275%
Margin to ACGB: 54bps/April 2026
Maturity date: 22 July 2026

KfW Bankengruppe (KfW)

KfW priced an increase to its January 2019 kangaroo bond on 4 July 2016.

Amount: A$400m
Outstanding volume in this line: A$1.9bn
Coupon type: fixed
Coupon rate: 4%
Issue/re offer price: 104.688% (minus 0.088% accrued)
Issue yield: 2.0825%
Margin to ACGB: 55.25bps/March 2019
Maturity date: 16 January 2019

Kommunalbanken Norway (KBN)

KBN prints an increase to its July 2025 kangaroo line on 29 June 2016.

Amount: A$30m
Outstanding volume in this line: A$1.075bn
Coupon type: fixed
Coupon rate: 4.25%
Issue/re offer price: 112.685% (plus 2.008% accrued)
Issue yield: 2.66%
Margin to ACGB: 68.25bps/April 2025
Maturity date: 16 July 2025

Nederlandse Waterschapsbank (NWB)

NWB topped up its September 2026 kangaroo bond on 1 July 2016.

Amount: A$55m
Outstanding volume in this line: A$265m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re offer price: 103.407% (plus 1.096% accrued)
Issue yield: 2.7625%
Margin to ACGB: 79.5bps/April 2026
Maturity date: 2 September 2026

Nordic Investment Bank (NIB)

NIB printed an increase to its February 2026 kangaroo bond on 1 July 2016.

Amount: A$50m
Outstanding volume in this line: A$220m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re offer price: 107.557% (plus 1.429% accrued)
Issue yield: 2.5075%
Margin to ACGB: 55.25bps/April 2026
Maturity date: 6 February 2026

Rentenbank

Rentenbank printed an increase to its May 2026 kangaroo bond on 28 June 2016.

Amount: A$50m
Outstanding volume in this line: A$655m
Coupon type: fixed
Coupon rate: 4.75%
Issue/re offer price: 119.079% (plus 0.774% accrued)
Issue yield: 2.545%
Margin to swap: 54bps
Margin to ACGB: 55.75bps/April 2026
Maturity date: 6 May 2026

Source: KangaNews/FIIG Securities

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