New issues for the period 25 October – 1 November 2016 including: African Development Bank, EUROFIMA, General Property Trust, Inter American Development Bank, Kommunalbanken Norway, MyState Bank and Queensland Treasury Corporation
African Development Bank (AfDB)
AfDB priced a A$30m increase to its June 2026 kangaroo bond on 31 October 2016.
Volume: A$30m
Outstanding volume in this line: A$305m
Coupon type: fixed
Coupon rate: 4.5%
Issue/re offer price: 116.712% (plus 1.943% accrued)
Issue yield: 2.735%
Margin to swap: 51bps
Maturity date: 2 June 2026
EUROFIMA
EUROFIMA priced an increase to its January 2027 kangaroo bond on 26 October 2016.
Volume: A$30m
Outstanding volume in this line: A$125m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re offer price: 96.699%
Issue yield: 2.9775%
Margin to swap: 71bps
Margin to ACGB: 72.5bps/April 2027
Maturity date: 13 January 2027
General Property Trust – Responsible Entity (GPT RE)
GPT RE priced A$200m in a new, seven year domestic bond on 28 October 2016.
Volume: A$200m
Outstanding volume in this line: A$200m
Coupon type: fixed
Coupon rate: 3.591%
Issue/re offer price: par
Issue yield: 3.591%
Margin to swap: 142bps
Maturity date: 7 November 2023
Inter American Development Bank (IADB)
IADB priced two increases to its April 2027 kangaroo bond.
Increase date: 25 October 2016
Volume: A$50m
Outstanding volume in this line: A$175m
Coupon type: fixed
Coupon rate: 2.5%
Issue/re offer price: 97.754% (plus 0.144% accrued)
Issue yield: 2.7650%
Margin to swap: 50bps
Maturity date: 14 April 2027
Increase date: 26 October 2016
Volume: A$50m
Outstanding volume in this line: A$225m
Coupon type: fixed
Coupon rate: 2.5%
Issue/re offer price: 97.710% (plus 01.144% accrued)
Issue yield: 2.77%
Margin to swap: 50bps
Maturity date: 14 April 2027
Kommunalbanken Norway (KBN)
KBN priced an increase to its December 2026 kangaroo bond on 26 October 2016.
Volume: A$40m
Outstanding volume in this line: A$110m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 96.804%
Issue yield: 3.0225%
Margin to swap: 72bps
Margin to ACGB: 75.5bps/April 2026
Maturity date: 9 December 2026
MyState Bank
MyState Bank printed A$300m in a new residential mortgage backed securities (RMBS) transaction on 28 October 2016.
| Tranche | Volume (A$m) | WAL (years) | Margin to swap (bps/BBSW) | Initial credit support |
| A1 | 270 | 2.8 | 130bps/1m BBSW | 10% |
| A2 | 10.5 | 2.8 | 190bps/1m BBSW | 6.5%
|
| AB | 9 | 5.3 | 245bps/1m BBSW
| 3.5%
|
| B1 | 6 | 5.3 | 285bps/1m BBSW
| 1.5%
|
| B2 | 3 | 5.3 | 335bps/1m BBSW
| 0.5%
|
| B3 | 1.5 | 5.3 | 625bps/1m BBSW
| N/A |
Queensland Treasury Corporation (QTC)
QTC issued A$1.5bn in a fixed rate, 2027 maturity bond on 27 October 2016.
Volume: A$1.5bn
Outstanding volume in this line: A$1.5bn
Coupon type: fixed
Coupon rate: 2.75%
Issue/re offer price: 99.642%
Issue yield: 2.85%
Margin to EFP: 53bps
Margin to ACGB: 51bps/April 2027
Maturity date: 20 August 2027
Rentenbank
Rentenbank priced an increase to its March 2027 kangaroo bond on 25 October 2016.
Volume: A$50m
Outstanding volume in this line: A$200m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re offer price: 98.073% (plus 0.28% accrued)
Issue yield: 2.7650%
Margin to swap: 55bps
Margin to ACGB: 54bps/April 2027
Maturity date: 23 March 2027
Source: KangaNews/FIIG Securities