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Tuesday 06 December 2016 by FIIG Research New issues list

New Issues

New issues for the period 29 November – 6 December 2016 including: Bank of Communications Sydney Branch, Bendigo and Adelaide Bank, Kommunalbanken Norway, Newcastle Permanent Building Society and Suncorp Metway

Bank of Communications Sydney Branch (BoCom Sydney)

BoCom Sydney issued a new, three year senior unsecured bond on 29 November 2016.

Volume: A$350m
Outstanding volume in this line: A$350m
Coupon type: floating rate note
Coupon rate: 3m BBSW +112bps
Issue/re offer price: par
Margin to swap: 112bps/3m BBSW
Maturity date: 12 December 2019

Bendigo and Adelaide Bank (BEN)

On 1 December 2016, BEN issued its first subordinated domestic deal since 2014. The issue raised A$125m of 10 year non call five year bonds.

Volume: A$125m
Outstanding volume in this line: A$125m
Coupon type: floating rate note
Coupon rate: 3m BBSW +280bps
Issue/re offer price: par
Margin to swap: 280bps/3m BBSW
First call date: 9 December 2021
Maturity date: 9 December 2026

Kommunalbanken Norway

Kommunalbanken Norway priced an increase to its December 2026 kangaroo bond on 29 November 2016.

Volume: A$40m
Outstanding volume in this line: A$190m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 96.838%
Issue yield: ND
Margin to swap: 67bps
Margin to ACGB: 73.25bps/April 2026
Maturity date: 9 December 2026

Newcastle Permanent Building Society (NPBS)

NPBS issued A$70m in a new floating rate note on 1 December 2016.

Volume: A$70m
Outstanding volume in this line: A$70m
Coupon type: floating rate note
Coupon rate: 3m BBSW +115bps
Issue/re offer price: par
Margin to swap: 115bps/3m BBSW
Maturity date: 7 September 2018

Suncorp Metway (Suncorp)

Suncorp priced an increase to its August 2026 domestic covered bond on 1 December 2016.

Volume: A$100m
Outstanding volume in this line: A$450m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re offer price: 93.052% (plus 0.936% accrued)
Issue yield: 4.125%
Margin to swap: 130bps
Maturity date: 24 August 2026

Source: KangaNews/FIIG Securities

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