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Tuesday 26 July 2016 by FIIG Research New issues list

New Issues

New issues for the period 19 July – 26 July 2016 including: Asian Development Bank, Commonwealth Bank of Australia, New South Wales Treasury Corporation, Treasury Corporation of Victoria, Wells Fargo & Company and Westpac Banking Corporation

Asian Development Bank (ADB)

ADB prices a A$100m tap to its longest dated kangaroo line on 19 July 2016.

Volume: A$100m
Outstanding volume in this line: A$325m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 104.551%
Issue yield: 2.4925%
Margin to ACGB: 57.5bps/April 2026
Maturity date: 7 April 2020

Commonwealth Bank of Australia (CBA)

CBA issued an A$500m in a one year domestic deal on 21 July 2016.

Volume: A$500m
Outstanding volume in this line: A$500m
Coupon type: floating rate note
Coupon rate: 3m BBSW +43bps
Issue/re offer price: par
Margin to swap: 43bps/3m BBSW
Maturity date: 2 August 2017

KommuneKredit

KommuneKredit priced a tap to its November 2026 kangaroo bond on 26 July 2016.

Volume: A$30m
Outstanding volume in this line: A$190m
Coupon type: fixed
Coupon rate: 2.9%
Issue/re offer price: 101.18% (plus 0.528% accrued)
Issue yield: 2.7675%
Margin to ACGB: 86.25bps/April 2026

Newcastle Permanent Building Society (NPBS)

NPBS priced an increase to its April 2020 domestic line on 19 July 2016.

Volume: A$110m
Outstanding volume in this line: A$160m
Coupon type: floating rate note
Coupon rate: 3m BBSW +158bps
Issue/re offer price: 99.211% (plus 0.163% accrued)
Margin to swap: 158bps/3m BBSW
Maturity date: 7 April 2020

New South Wales Treasury Corporation (TCorp)

TCorp prints A$500m in a new nominal syndicated benchmark on 21 July 2016.

Volume: A$500m
Outstanding volume in this line: A$500m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 106.618% (plus 1.261% accrued)
Issue yield: 2.425%
Margin to ACGB: 32bps/April 2029
Maturity date: 20 February 2030

South Australian Government Financing Authority (SAFA)

SAFA prints a tap to its July 2026 line on 20 July 2016.

Volume: A$500m
Outstanding volume in this line: A$1.0bn
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 104.529% (plus 0.041% accrued)
Issue yield: 2.485%
Margin to EFP: 54.5bps
Maturity date: 20 July 2026

Toyota Motor Credit Corporation (Toyota Credit)

Toyota Credit priced a new, five year kangaroo transaction on 19 July 2016.

Volume: A$400m
Outstanding volume in this line: A$400m
Coupon type: fixed
Coupon rate: 2.75%
Issue/re offer price: 99.768%
Issue yield: 2.80%
Margin to swap: 100bps
Maturity date: 26 July 2021

Treasury Corporation of Victoria (TCV)

TCV priced a new five year green bond transaction on 20 July 2016.

Volume: A$300m
Outstanding volume in this line: A$300m
Coupon type: fixed
Coupon rate: 1.75%
Issue/re offer price: 99.810%
Issue yield: 1.79%
Margin to ACGB: 19.75bps/May 2021
Maturity date: 27 July 2021

Wells Fargo & Company (Wells Fargo)

Wells Fargo priced two transactions – one five year senior unsecured and one 10 year senior unsecured – on 20 and 21 July 2016 respectively. Both bonds are Australian dollar denominated.

Five year senior unsecured Australian dollar global issuance

Tranche: floating rate
Volume: A$900m
Outstanding volume in this line: A$900m
Coupon rate: 3m BBSW +132bps
Issue/re offer price: par
Margin to swap: 132bps/3m BBSW
Maturity date: 27 July 2021

Tranche: fixed rate
Volume: A$500m
Outstanding volume in this line: A$500m
Coupon rate: 3%
Issue/re offer price: 99.414%
Issue yield: 3.1275%
Margin to swap: 132bps
Maturity date: 27 July 2021

Ten year senior unsecured Australian dollar global issuance

Volume: A$250m
Outstanding volume in this line: A$250m
Coupon type: fixed
Coupon rate: 3.7%
Issue/re offer price: 99.917%
Issue yield: 3.71%
Margin to swap: 170bps
Maturity date: 27 July 2026

Westpac Banking Corporation (Westpac)

Westpac added to its June 2021 domestic floating rate note on 21 July 2016.

Volume: A$300m
Outstanding volume in this line: A$2.1bn
Coupon type: floating rate note
Coupon rate: 3m BBSW +117bps
Issue/re offer price: 100.624% (plus 0.477% accrued)
Margin to swap: 3m BBSW +114bps
Maturity date: 3 June 2021

Source: KangaNews/FIIG Securities

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