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Tuesday 19 July 2016 by FIIG Research New issues list

New Issues

New issues for the period 11 July – 19 July 2016 including: ANZ Banking Group, Auckland Council, Coca Cola Amatil, NRW.BANK, Rabobank Australia, Toyota Motor Credit Corporation and Westpac Banking Corporation

ANZ Banking Group (ANZ)

ANZ increased its July 2026 domestic line on 14 July 2016.

Volume: A$100m
Outstanding volume in this line: A$280m
Coupon type: fixed
Coupon rate: 4%
Issue/re offer price: 106.778%
Issue yield: 3.2025%
Margin to swap: 125bps
Maturity date: 22 July 2026

Auckland Council

Auckland Council topped up its March 2026 kangaroo bond on 14 July 2016.

Volume: A$30m
Outstanding volume in this line: A$270m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 106.200% (plus 1.274% accrued)
Issue yield: 2.7625%
Margin to swap: 80bps
Margin to ACGB: 83.75bps/April 2026
Maturity date: 9 March 2026

Coca Cola Amatil (CCA)

CCA priced a six year Australian dollar transaction on 11 July 2016.

Volume: A$100m
Outstanding volume in this line: A$100m
Coupon type: fixed
Coupon rate: 3.125%
Issue/re offer price: 99.543%
Issue yield: ND
Margin to swap: 135bps
Maturity date: 22 July 2022

NRW.BANK

NRW.BANK priced its first kangaroo transaction in nearly a decade on 14 July 2016. NRW.BANK last issued a kangaroo bond in August 2006 – according to KangaNews, it has defined a strategy which aims to establish an ongoing presence in Australian dollars, and will tap issuance in line with market standards and to improve liquidity.

Volume: A$50m
Outstanding volume in this line: A$50m
Coupon type: fixed
Coupon rate: 2.7%
Issue/re offer price: 99.506%
Issue yield: 2.7525%
Margin to swap: 72bps
Margin to ACGB: 78.75bps/April 2027
Maturity date: 27 January 2027

Province of Québec (Québec)

Québec topped up its May 2026 kangaroo bond on 12 July 2016.

Volume: A$75m
Outstanding volume in this line: A$435m
Coupon type: fixed
Coupon rate: 3.7%
Issue/re offer price: 108.226% (plus 0.603% accrued)
Issue yield: 2.74%
Margin to ACGB: 79.75bps/ April 2026
Maturity date: 20 May 2026

Société Générale

Société Générale’s Australian dollar Tier 2 transaction launched and priced on 13 July 2016.

Volume: A$325m
Outstanding volume in this line: A$325m
Coupon type: fixed
Coupon rate: 5%
Issue/re offer price: 99.654%
Issue yield: 5.06%
Margin to swap: 310bps
Maturity date: 12 May 2026

Rabobank Nederland Australia Branch (Rabobank Australia)

Rabobank Australia added to its May 2026 domestic line on 12 July 2016.

Volume: A$50m
Outstanding volume in this line: A$280m
Coupon type: fixed
Coupon rate: 4.25%
Issue/re offer price: 108.035% (plus 0.785% accrued)
Issue yield: 3.285%
Margin to swap: 135bps
Maturity date: 12 May 2026

Sumitomo Mitsui Banking Corporation Sydney Branch (SMBC Sydney)

SMBC Sydney printed a new three year domestic deal on 14 July 2016.

Volume: A$500m
Outstanding volume in this line: A$500m
Coupon type: floating rate note
Coupon rate: 3m BBSW +117bps
Issue/re offer price: par
Margin to swap: 117bps/3m BBSW
Maturity date: 19 July 2019

Toyota Motor Credit Corporation (Toyota Credit)

Toyota Credit mandated a new five year kangaroo transaction on 18 July 2016, and set initial price guidance at 100 basis points over semi quarterly swap. The forthcoming transaction will be Toyota Credit’s debut kangaroo deal.

Treasury Corporation of Victoria (TCV)

TCV launched a new fixed rate, five year green bond transaction on 18 July 2016. According to KangaNews data, the forthcoming transaction will be the first green bond to be issued by an Australian semi government issuer.

Westpac Banking Corporation (Westpac)

Westpac priced a tap to its June 2026 bond on the 15 July 2016.

Volume: A$50m
Outstanding volume in this line: A$350m
Coupon type: fixed
Coupon rate: 4.125%
Issue/re offer price: 107.722% (plus 0.575% accrued)
Issue yield: 3.205%
Margin to swap: 125bps
Maturity date: 4 June 2026

Source: KangaNews/FIIG Securities

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