New issues for the period 18 October – 25 October 2016 including: Australia Pacific Airports Corporation, Citigroup, International Finance Corporation, NAB, Province of Alberta and Teacher’s Mutual Bank
Australia Pacific Airports Corporation (Melbourne Airport)
Melbourne Airport issued a new ten year domestic bond on 21 October 2016.
Volume: A$200m
Outstanding volume in this line: A$200m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re offer price: 98.401%
Issue yield: 3.945%
Margin to swap: 167bps
Maturity date: 4 November 2026
Citigroup
Citigroup issued A$550m in a seven year, dual tranche global transaction on 20 October 2016.
Tranche: fixed rate
Volume: A$250m
Outstanding volume in this line: A$250m
Coupon rate: 3.75%
Issue/re offer price: 99.634%
Issue yield: 3.81%
Margin to swap: 172bps
Maturity date: 27 October 2023
Tranche: floating rate
Volume: A$300m
Outstanding volume in this line: A$300m
Coupon rate: 3m BBSW +172bps
Issue/re offer price: par
Margin to swap: 172bps/3m BBSW
Maturity date: 27 October 2023
Inter American Development Bank (IADB)
IADB launched a minimum A$25m increase to its April 2027 kangaroo bond on 25 October 2016. Price guidance is 50 basis points (bps) over semi quarterly swap.
International Finance Corporation (IFC)
IFC priced an increase to its July 2026 kangaroo bond on 24 October 2016.
Volume: A$50m
Outstanding volume in this line: A$875m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re offer price: 104.511%
Issue yield: 2.67%
Margin to swap: 49bps
Margin to ACGB: 45bps/April 2026
Maturity date: 22 July 2026
National Australia Bank (NAB)
NAB issued an upsized volume of A$1.75bn in a new, five year dual tranche transaction on 18 October 2016.
Tranche: fixed rate
Volume: A$250m
Outstanding volume in this line: A$250m
Coupon rate: 3%
Issue/re offer price: 99.942%
Issue yield: 3.0125%
Margin to swap: 105bps
Maturity date: 21 October 2021
Tranche: floating rate
Volume: A$1.5bn
Outstanding volume in this line: A$1.5bn
Coupon rate: 3m BBSW+105bps
Issue/re offer price: par
Margin to swap: 105bps/3m BBSW
Maturity date: 21 October 2021
Northern Territory Treasury Corporation (NTTC)
NTTC issued a new, October 2024 maturity domestic bond on 18 October 2016.
Volume: A$300m
Outstanding volume in this line: A$300m
Coupon type: fixed
Coupon rate: 2.75%
Issue/re offer price: 99.751%
Issue yield: 2.785%
Margin to ACGB: 59.5bps/April 2024
Maturity date: 21 October 2024
Province of Alberta (Alberta)
Alberta priced an increase to its December 2026 kangaroo bond on 19 October 2016.
Volume: A$75m
Outstanding volume in this line: A$200m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re offer price: 100.127%
Issue yield: 3.085%
Margin to swap: 81bps
Margin to ACGB: 82.75bps/April 2026
Maturity date: 14 December 2026
Rentenbank
Rentenbank mandated an increase to its March 2027 kangaroo bond on 25 October 2016. Initial price guidance is in the area of 55bps over semi quarterly swap.
Teacher’s Mutual Bank (Teacher’s Mutual)
Teacher’s Mutual issued a new three year domestic bond on 20 October 2016.
Volume: A$100m
Outstanding volume in this line: A$100m
Coupon type: floating rate note
Coupon rate: 3m BBSW+140bps
Issue/re offer price: par
Margin to swap: 140bps/3m BBSW
Maturity date: 28 October 2019
Source: KangaNews/FIIG Securities