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Tuesday 09 August 2016 by FIIG Research New issues list

New Issues

New issues for the period 2 August – 9 August 2016 including: International Finance Corporation, Inter-American Development Bank, KfW Bankengruppe, L-Bank, Province of Manitoba, Province of Québec and Royal Bank of Canada Sydney Branch

International Finance Corporation (IFC)

IFC priced two increases to its July 2026 kangaroo line on 3 August and 5 August 2016 respectively.

Increase date: 3 August 2016
Volume: A$70m
Outstanding volume in this line: A$630m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re offer price: 106.222%
Issue yield: 2.49%
Margin to ACGB: 56.5bps/April 2026
Maturity date: 22 July 2016

Increase date: 5 August 2016
Volume: A$20m
Outstanding volume in this line: A$650m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re offer price: 106.608%
Issue yield: 2.4475%
Margin to ACGB: 55.75bps/April 2026
Maturity date: 22 July 2016

Inter-American Development Bank (IADB)

IADB added to its June 2026 kangaroo bond on 4 August 2016.

Volume: A$50m
Outstanding volume in this line: A$240m
Coupon type: fixed
Coupon rate: 4.25%
Issue/re offer price: 115.370% (plus 0.79% accrued)
Issue yield: 2.745%
Margin to ACGB: 51.5bps/April 2026
Maturity date: 11 June 2026

KfW Bankengruppe (KfW)

KfW priced a tap to its February 2021 kangaroo bond on 4 August 2016.

Volume: A$450m
Outstanding volume in this line: A$1.25bn
Coupon type: fixed
Coupon rate: 2.8%
Issue/re offer price: 102.695%
Issue yield: 2.17%
Margin to ACGB: 61.5bps/May 2021
Maturity date: 17 February 2021

L-Bank

L-Bank priced a new February 2021 kangaroo bond on 5 August 2016.

Volume: A$200m
Outstanding volume in this line: A$200m
Coupon type: fixed
Coupon rate: 2.25%
Issue/re offer price: 99.841%
Issue yield: 2.2875%
Margin to swap: 56bps
Margin to ACGB: 76.25bps/May 2021
Maturity date: 17 February 2021

Province of Manitoba (Manitoba)

Manitoba priced two taps to its June 2026 kangaroo bond, both on 5 August 2016.

First tap
Volume: A$50m
Outstanding volume in this line: A$220m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re offer price: 109.141% (plus accrued)
Issue yield: 2.685%
Margin to ACGB: 80.5bps/April 2026
Maturity date: 9 June 2026

Second tap
Volume: A$20m
Outstanding volume in this line: A$240m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re offer price: 109.096% (plus accrued)
Issue yield: 2.69%
Margin to ACGB: 81bps/April 2026
Maturity date: 9 June 2026

Province of Québec (Québec)

Québec priced a tap to its May 2026 kangaroo bond on 3 August 2016.

Volume: A$80m
Outstanding volume in this line: A$515m
Coupon type: fixed
Coupon rate: 3.7%
Issue/re offer price: 108.049% (plus 0.824% accrued)
Issue yield: 2.755%
Margin to ACGB: 82.75bps/April 2026
Maturity date: 20 May 2026

Royal Bank of Canada Sydney Branch (RBC Sydney)

RBC Sydney issues A$600m in its latest domestic deal on 9 August 2016.

Volume: A$600m
Outstanding volume in this line: A$600m
Coupon type: floating rate note
Coupon rate: 3m BBSW +48bps
Issue/re offer price: par
Margin to swap: 48bps/3m BBSW
Maturity date: 16 August 2017

Source: KangaNews/FIIG Securities

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