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Tuesday 06 September 2016 by FIIG Research New issues list

New Issues

New issues for the period 30 August – 6 September 2016 including: Asian Development Bank, BNP Paribas, China Construction Bank Corporation, Nissan Financial Services Australia, Rabobank Australia and United Energy Distribution

Asian Development Bank (ADB)

ADB launched an increase to its October 2026 kangaroo bond on 5 September 2016. The transaction is for a minimum volume of A$100m, with initial price guidance in the area of 49bps over semi quarterly swap and 53.75bps over Australian Commonwealth Government Bond (ACGB).

BNP Paribas

BNP Paribas issued A$250m in a new Australian dollar denominated euro medium term note (EMTN) transaction on 31 August 2016.

Volume: A$250m
Outstanding volume in this line: A$250m
Coupon type: fixed
Coupon rate: 4.625%
Issue/re offer price: 99.012%
Issue yield: 4.75%
Margin to swap: 278bps
Maturity date: 9 March 2027

China Construction Bank Corporation Sydney Branch (CCB)

CCB issued a new, three year senior unsecured domestic bond on 1 September 2016.

Volume: A$500m
Outstanding volume in this line: A$500m
Coupon type: floating rate note
Coupon rate: 3m BBSW +105bps
Issue/re offer price: par
Margin to swap: 105bps/3m BBSW
Maturity date: 9 September 2019

Nissan Financial Services Australia (Nissan Australia)

Nissan Australia issued A$300m of three year bonds in its Australian domestic market debut on 31 August 2016.

Volume: A$300m
Outstanding volume in this line: A$300m
Coupon type: fixed
Coupon rate: 2.5%
Issue/re offer price: 99.656%
Issue yield: 2.62%
Margin to swap: 100bps
Maturity date: 6 September 2019

Nederlandse Waterschapsbank (NWB)

NWB priced an increase to its September 2026 kangaroo bond on 31 August 2016.

Volume: A$55m
Outstanding volume in this line: A$410m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re offer price: 103.848% (plus 0.044% accrued)
Issue yield: 2.7075%
Margin to ACGB: 87.25bps/April 2026
Maturity date: 2 September 2026

Rabobank Nederland Australia Branch (Rabobank Australia)

Rabobank Australia priced an increase to its May 2026 domestic bond on 2 September 2016.

Volume: A$40m
Outstanding volume in this line: A$320m
Coupon type: fixed
Coupon rate: 4.25%
Issue/re offer price: 110.248% (plus 1.386% accrued)
Issue yield: 3.02%
Margin to swap: 121bps
Margin to ACGB: 117.25bps/April 2016
Maturity date: 12 May 2026

United Energy Distribution (UED)

UED issued A$350m in a new seven year Australian dollar denominated senior unsecured bond on 5 September 2016.

Volume: A$350m
Outstanding volume in this line: A$350m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 99.203%
Issue yield: 3.63%
Margin to swap: 182bps
Maturity date: 12 September 2023

Source: KangaNews/FIIG Securities

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