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Tuesday 02 August 2016 by FIIG Research New issues list

New Issues

New issues for the period 26 July – 2 August 2016 including: Bank of America Corporation, Commonwealth Bank of Australia, KommuneKredit, Nederlandse Waterschapsbank and World Bank

Bank of America Corporation (BoA)

BoA priced a dual tranche, Australian dollar denominated global issue on 27 July 2016.

Tranche: floating rate
Volume: A$550m
Outstanding volume in this line: A$550m
Coupon type: floating rate note
Coupon rate: 3m BBSW +155bps
Issue/re offer price: par
Margin to swap: 155bps/3m BBSW
Maturity date: 5 August 2021

Tranche: fixed rate
Volume: A$200m
Outstanding volume in this line: A$200m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re offer price: 99.790%
Issue yield: 3.346%
Margin to swap: 155bps
Maturity date: 5 August 2021

Commonwealth Bank of Australia (CBA)

CBA priced an increase to its August 2017 domestic line on 28 July 2016.

Volume: A$500m
Outstanding volume in this line: A$1.0bn
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 an increase to its November 2027 kangaroo bond on 27 July 2016.

Volume: A$25m
Outstanding volume in this line: A$215m
Coupon type: fixed
Coupon rate: 2.9%
Issue/re offer price: 100.970% (plus 0.528% accrued)
Issue yield: 2.85%
Margin to ACGB: 89bps/April 2026
Maturity date: 27 November 2026

Nederlandse Waterschapsbank (NWB)

NWB priced an increase to its September 2026 kangaroo bond on 29 July 2016.

Volume: A$35m
Outstanding volume in this line: A$300m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re offer price: 103.697% (plus 1.361% accrued)
Issue yield: 2.7275%
Margin to ACGB: 88.5bps/April 2026
Maturity date: 2 September 2026

World Bank

World Bank priced taps to its January 2021 and October 2026 kangaroo bonds on 28 July 2016.

Tranche: January 2021 bond
Volume: A$700m
Outstanding volume in this line: A$2.6bn
Coupon type: fixed
Coupon rate: 2.8%
Issue/re offer price: 102.859% (plus 0.198% accrued)
Issue yield: 2.12%
Margin to swap: 36bps
Margin to ACGB: 55bps/May 2021
Maturity date: 13 January 2021

Tranche: October 2026 bond
Volume: A$150m
Outstanding volume in this line: A$300m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 104.611% (plus 0.910% accrued)
Issue yield: 2.485%
Margin to swap: 49bps
Margin to ACGB: 60.75bps/April 2026
Maturity date: 19 October 2026

Source: KangaNews/FIIG Securities

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