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Tuesday 12 July 2016 by FIIG Research New issues list

New Issues

New issues for the period 5 July – 12 July 2016 including: BNG Bank, Commonwealth Bank of Australia, EUROFIMA, International Finance Corporation, KommuneKredit and ME Bank

BNG Bank (BNG)

BNG adds to its August 2026 kangaroo bond on 6 July 2016.

Volume: A$40m
Outstanding volume in this line: A$110m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re offer price: 106.496% (plus 1.25% accrued)
Issue yield: 2.655%
Margin to swap: 75bps
Margin to ACGB: 81.5bps/April 2026
Maturity date: 24 August 2026

Commonwealth Bank of Australia (CBA)

CBA printed a new, five year domestic senior unsecured transaction on 6 July 2016.

Fixed rate tranche
Volume: A$475m
Outstanding volume in this line: A$475m
Coupon rate: 2.9%
Issue/re offer price: 99.617%
Issue yield: 2.983%
Margin to swap: 121bps
Maturity date: 12 July 2021

Floating rate tranche
Volume: A$1.8bn
Outstanding volume in this line: A$1.8bn
Coupon rate: 3m BBSW +121bps
Issue/re offer price: par
Margin to swap: 121bps/3m BBSW
Maturity date: 12 July 2021

EUROFIMA

EUROFIMA priced a new kangaroo bond on 6 July 2016.

Volume: A$75m
Outstanding volume in this line: A$75m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re offer price: 99.431%
Issue yield: 2.6625%
Margin to swap: 71bps
Margin to ACGB: 77.25bps/April 2027
Maturity date: 13 January 2027

International Finance Corporation (IFC)

IFC increased its February 2021 bond on 6 July 2016.

Volume: A$350m
Outstanding volume in this line: A$1.25bn
Coupon type: fixed
Coupon rate: 2.7%
Issue/re offer price: 102.323% (plus 1.179% accrued)
Issue yield: 2.1625%
Margin to swap: 44bps
Margin to ACGB: 60bps/May 2021
Maturity date: 5 February 2021

KommuneKredit

KommuneKredit topped up its November 2026 kangaroo bond on 7 July 2016.

Volume: A$30m
Outstanding volume in this line: A$160m
Coupon type: fixed
Coupon rate: 2.9%
Issue/re offer price: 102.471% (plus 0.378% accrued)
Issue yield: 2.6675%
Margin to swap: 77bps/April 2026
Maturity date: 27 November 2026

L-Bank

L-Bank topped up its August 2026 kangaroo bond on 7 July 2016.

Volume: A$50m
Outstanding volume in this line: A$180m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 103.350% (plus 1.212% accrued)
Issue yield: 2.62%
Margin to swap: 68bps
Margin to ACGB: 73.75bps/April 2026
Maturity date: 18 August 2026

ME Bank (ME)

ME priced a new, three year senior unsecured transaction on 11 July 2016.

Volume: A$225m
Outstanding volume in this line: A$225m
Coupon type: floating rate note
Coupon rate: 3m BBSW +145bps
Issue/re offer price: par
Margin to swap: 145bps/3m BBSW
Maturity date: 18 July 2019

Shopping Centres Australasia Property Group (SCA Property)

SCA Property priced an increase to its April 2021 domestic line on 7 July 2016.

Volume: A$50m
Outstanding volume in this line: A$225m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re offer price: 101.24% (plus 0.850% accrued)
Issue yield: 3.465%
Margin to swap: 170bps
Maturity date: 20 April 2021

WSO Finance (WSO)

WSO priced a new domestic senior secured issue on 7 July 2016.

Fixed rate tranche
Volume: A$400m
Outstanding volume in this line: A$400m
Coupon rate: 3.5%
Issue/re offer price: 99.294%
Issue yield: 3.615%
Margin to swap: 175bps
Maturity date: 14 July 2023

Floating rate tranche
Volume: A$100m
Outstanding volume in this line: A$100m
Coupon rate: 3m BBSW +200bps
Issue/re offer price: par
Margin to swap: 200bps/3m BBSW
Maturity date: 14 July 2026

Source: KangaNews/FIIG Securities

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