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Tuesday 13 December 2016 by FIIG Research New issues list

New Issues

New issues for the period 6 December – 13 December 2016 including: African Development Bank, Export Import Bank of Korea and SABMiller

African Development Bank (AfDB)

AfDB issued a new, A$55m kangaroo green bond on 6 December 2016.

Volume: A$55m
Outstanding volume in this line: A$55m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 98.820%
Issue yield: 3.6025%
Margin to ACGB: 58.25bps/April 2029
Maturity date: 15 December 2031

Export Import Bank of Korea (Kexim)

Kexim priced an increase to its June 2027 kangaroo bond on 8 December 2016.

Volume: A$50m
Outstanding volume in this line: A$250m
Coupon type: fixed
Coupon rate: 4%
Issue/re offer price: 99.386% (plus 0.088% accrued interest)
Issue yield: 4.0725%
Margin to swap: 127bps
Maturity date: 7 June 2027

SABMiller

On 7 December 2016, SABMiller – a subsidiary of Anheuser-Busch InBev (AB InBev) – revealed it completed an exchange offer, via its fully guaranteed subsidiary FBG Treasury Australia, for its outstanding A$700m bonds due August 2020.

According to the announcement, 94.36% of eligible bondholders chose to participate in the offer or otherwise vote in respect of the resolution. All eligible bondholders who agreed to exchange any or all of their existing notes will receive new Australian dollar denominated bonds due August 2020. The new notes are to be issued off a new A$3bn medium term note (MTN) programme and have a coupon of 3.75%.

Source: KangaNews/FIIG Securities

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