New issues for the period 4 October – 11 October 2016 including: BNG Bank, GPT RE, Inter American Development Bank, Kommunalbanken Norway, ME Bank, Nederlandse Waterschapsbank, Qube Holdings, Rentenbank, Société Générale and Suncorp Metway
BNG Bank
BNG Bank priced an increase to its August 2026 kangaroo bond on 4 October 2016.
Volume: A$100m
Outstanding volume in this line: A$350m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re offer price: 104.162%
Issue yield: 2.765%
Margin to swap: 75bps
Margin to ACGB: 73bps/April 2026
Maturity date: 24 August 2026
GPT RE
GPT RE – the responsible entity of General Property Trust (GPT) – priced an increase to its August 2026 domestic bond on 7 October 2016.
Volume: A$50m
Outstanding volume in this line: A$200m
Coupon type: fixed
Coupon rate: 3.657%
Issue/re offer price: 99.580%
Issue yield: 3.77%
Margin to swap: 165bps
Maturity date: 24 August 2026
Inter American Development Bank (IADB)
IADB priced A$125m in a new April 2027 kangaroo bond on 4 October 2016.
Volume: A$125m
Outstanding volume in this line: A$125m
Coupon type: fixed
Coupon rate: 2.5%
Issue/re offer price: 99.405%
Issue yield: 2.565%
Margin to swap: 50bps
Margin to ACGB: 50bps/April 2027
Maturity date: 14 April 2027
Kommunalbanken Norway (KBN)
KBN priced an A$60m increase to its December 2026 kangaroo bond on 7 October 2016.
Volume: A$60m
Outstanding volume in this line: A$110m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 101.356% (plus 1.041% accrued)
Issue yield: 2.845%
Margin to swap: 72bps
Margin to ACGB: 72.5bps/April 2026
Maturity date: 9 December 2026
ME Bank (ME)
On 11 October, ME announced price guidance on its first residential mortgage backed securities (RMBS) issue of 2016. It will have six tranches with an indicative structure below.
| Tranche | Indicative volume (A$m) | Price guidance (bps) |
| A1 | 460 | 120 area |
| A2 | 15.5 | 160 area |
| B | 14.5 | Low 200s area |
| C | 6 | Low 300s area
|
| D | 1.5 | Low 400s area
|
| E | 2.5 | Low 600s area
|
Nederlandse Waterschapsbank (NWB)
NWB priced an increase to its September 2026 kangaroo bond on 4 October 2016.
Volume: A$115m
Outstanding volume in this line: A$555m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re offer price: 103.179% (plus 0.339% accrued)
Issue yield: 2.78%
Margin to swap: 75bps
Margin to ACGB: 74.5bps/ April 2026
Maturity date: 2 September 2026
Qube Holdings (Qube)
Qube has completed its latest transaction on October 5 2016, issuing A$305m in the Australian market’s first corporate subordinated deal of the year. Pricing is indicatively set at 390bps over bank bill swap rate (BBSW) – with a coupon rate of 5.65%, maturing on 5 October 2023.
Volume: A$115m
Outstanding volume in this line: A$555m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re offer price: 103.179% (plus 0.339% accrued)
Issue yield: 2.78%
Margin to swap: 75bps
Margin to ACGB: 74.5bps/ April 2026
Maturity date: 2 September 2026
Province of Québec (Québec)
Québec priced an increase to its May 2026 kangaroo bond on 5 October 2016.
Volume: A$45m
Outstanding volume in this line: A$560m
Coupon type: fixed
Coupon rate: 3.7%
Issue/re offer price: 107.509% (plus 1.468% accrued)
Issue yield: 2.8025%
Margin to swap: 81bps
Margin to ACGB: 74bps/April 2026
Maturity date: 20 May 2026
Rentenbank
Rentenbank priced an increase to its March 2027 kangaroo bond on 11 October 2016.
Volume: A$50m
Outstanding volume in this line: A$150m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re offer price: 98.423% (plus 0.180% accrued)
Issue yield: 2.775%
Margin to swap: 55bps
Margin to ACGB: 54bps/April 2027
Maturity date: 23 March 2027
Société Générale (SocGen)
SocGen priced an Australian dollar denominated Tier 2 bond off its euro medium term note (EMTN) programme on 7 October 2016.
Volume: A$150m
Outstanding volume in this line: A$150m
Coupon type: fixed
Coupon rate: 4.875%
Issue/re offer price: par
Issue yield: 4.875%
Margin to swap: ND
Maturity date: 13 October 2026
Suncorp Metway (Suncorp)
Suncorp issued a new two year A$350m domestic bond on 5 October 2016.
Volume: A$350m
Outstanding volume in this line: A$350m
Coupon type: floating rate note
Coupon rate: 3m BBSW+75bps
Issue/re offer price: par
Margin to swap: 75bps/3m BBSW
Maturity date: 12 October 2018
Transurban Queensland
Transurban Queensland priced a new senior secured domestic bond on 6 October 2016.
Volume: A$200m
Outstanding volume in this line: A$200m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re offer price: 99.787%
Issue yield: 3.785%
Margin to swap: 185bps
Maturity date: 12 October 2023
Source: KangaNews/FIIG Securities