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Tuesday 23 August 2016 by FIIG Research New issues list

New Issues

New issues for the period 16 August – 23 August 2016 including: BMW Finance, KfW Bankengruppe, Mizuho Bank Sydney Branch, Nederlandse Waterschapsbank, Rentenbank and Suncorp Metway

BMW Finance

BMW Finance priced a new international Australian dollar transaction, issued off its euro medium term note (EMTN) programme, on 17 August 2016.

Volume: A$150m
Outstanding volume in this line: A$150m
Coupon type: fixed
Coupon rate: 2.5%
Issue/re offer price: par
Issue yield: 2.5%
Margin to swap: 87bps
Maturity date: 24 August 2020

General Property Trust – Responsible Entity (GPT RE)

GPT RE – the responsible entity of General Property Trust (GPT) – priced a new, ten year domestic Australian dollar transaction on 16 August 2016.

Volume: A$150m
Outstanding volume in this line: A$150m
Coupon type: fixed
Coupon rate: 3.657%
Issue/re offer price: par
Issue yield: 3.657%
Margin to swap: 168bps
Maturity date: 24 August 2026

KfW Bankengruppe (KfW)

KfW priced an increase to its September 2026 kangaroo bond on 18 August 2016.

Volume: A$150m
Outstanding volume in this line: A$500m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re offer price: 106.367% (plus 1.452% accrued)
Issue yield: 2.48%
Margin to ACGB: 60.5bps/April 2026
Margin to swap: 54bps
Maturity date: 11 September 2026

Mizuho Bank Sydney Branch (Mizuho Sydney)

Mizuho Sydney priced A$600m in a new, senior unsecured domestic benchmark deal on 16 August 2016.

Volume: A$600m
Outstanding volume in this line: A$600m
Coupon type: floating rate note
Coupon rate: 3m BBSW +110bps
Issue/re offer price: par
Margin to swap: 110bps/3m BBSW
Maturity date: 23 August 2019

Nederlandse Waterschapsbank (NWB)

NWB priced an increase to its September 2026 kangaroo bond on 16 August 2016.

Volume: A$40m
Outstanding volume in this line: A$340m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re offer price: 103.707% (plus 1.489% accrued)
Issue yield: 2.725%
Margin to ACGB: 84.25bps/April 2026
Maturity date: 2 September 2026

Province of British Columbia (British Columbia)

British Columbia priced a new kangaroo bond on 19 August 2016.

Volume: A$100m
Outstanding volume in this line: A$100m
Coupon type: fixed
Coupon rate: 2.5%
Issue/re offer price: 99.245%
Issue yield: 2.5825%
Margin to ACGB: 61.25bps/April 2027
Maturity date: 26 February 2027

Rentenbank

Rentenbank priced an increase to its May 2026 kangaroo bond on 19 August 2016.

Volume: A$50m
Outstanding volume in this line: A$705m
Coupon type: fixed
Coupon rate: 4.75%
Issue/re offer price: 120.366% (plus 1.433% accrued)
Issue yield: 2.385%
Margin to ACGB: 51.5bps/April 2026
Maturity date: 6 May 2026

South Australian Government Financing Authority (SAFA)

SAFA priced a new domestic benchmark transaction on 17 August 2016.

Volume: A$1bn
Outstanding volume in this line: A$1bn
Coupon type: fixed
Coupon rate: 1.5%
Issue/re offer price: 96.645% (plus 0.624% accrued)
Issue yield: 2.09%
Margin to EFP: 71bps
Margin to ACGB: 46.5bp/July 2022
Maturity date: 22 September 2022

Suncorp Metway (Suncorp)

Suncorp issued a new, A$350m domestic covered bond on 16 August 2016.

Volume: A$350m
Outstanding volume in this line: A$350m
Coupon type: fixed
Coupon rate: ND
Issue/re offer price: 99.303%
Issue yield: 3.3325%
Margin to swap: 135bps
Maturity date: 24 August 2026

Source: KangaNews/FIIG Securities

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