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Monday 16 January 2017 by FIIG Research New issues list

New Issues

New issues for the period 9 January – 16 January 2017 including: Asian Development Bank, BNG Bank, CBA, Dexus Finance, EUROFIMA, Inter-American Development Bank, KfW Bankengruppe and Nordic Investment Bank

Asian Development Bank (ADB)

ADB issued a new, A$300m kangaroo bond on 10 January 2017.

Volume: A$300m
Outstanding volume in this line: A$300m
Coupon type: fixed
Coupon rate: 2.75%
Issue/re offer price: 99.942%
Issue yield: 2.7625%
Margin to swap: 42bps
Margin to AGB: 51.75bps/July 2022
Maturity date: 19 January 2022

BNG Bank (BNG)

BNG has issued a new, A$50m kangaroo bond on 11 January 2017.

Volume: A$50m
Outstanding volume in this line: A$50m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 99.392%
Issue yield: 3.57%
Margin to swap: 73bps
Margin to ACGB: 83.5bps/April 2027
Maturity date: 19 July 2027

Commonwealth Bank of Australia (CBA)

CBA issued its first Australian domestic deal of the year, a dual tranche, five year bond, on 10 January 2017.

Tranche: floating
Volume: A$2.25bn
Outstanding volume in this line: A$2.25bn
Coupon rate: 3m BBSW+111bps
Issue/re offer price: par
Margin to swap: 111bps/3m BBSW
Maturity date: 17 January 2022

Tranche: fixed
Volume: A$400m
Outstanding volume in this line: A$400m
Coupon rate: 3.25%
Issue/re offer price: 98.939%
Issue yield: 3.483%
Margin to swap: 111bps
Maturity date: 17 January 2022

Dexus Finance (Dexus)

Dexus priced an increase to its November 2025 domestic bond on 12 January 2017.

Volume: A$75.5m
Outstanding volume in this line: A$185m
Coupon type: fixed
Coupon rate: 4.75%
Issue/re offer price: 103.835% (plus 0.984% accrued)
Issue yield: 4.2225%
Margin to swap: 160bps
Maturity date: 5 November 2025

EUROFIMA

EUROFIMA priced an increase to its January 2027 kangaroo bond on 12 January 2017.

Volume: A$50m
Outstanding volume in this line: A$225m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re offer price: 99.234%
Issue yield: 3.53%
Margin to ACGB: 83bps/April 2027
Margin to swap: 70bps
Maturity date: 13 January 2027

Inter-American Development Bank (IADB)

IADB priced an increase to its April 2027 kangaroo bond on 10 January 2017.

Volume: A$25m
Outstanding volume in this line: A$310m
Coupon type: fixed
Coupon rate: 2.5%
Issue/re offer price: 93.496%
Issue yield: 3.3375%
Margin to swap: 49bps
Maturity date: 14 April 2027

KfW Bankengruppe (KfW)

KfW has issued a new, five year kangaroo bond on 11 January 2017.

Volume: A$350m
Outstanding volume in this line: A$350m
Coupon type: fixed
Coupon rate: 2.9%
Issue/re offer price: 99.775% (plus 0.343% accrued)
Issue yield: 2.945 %
Margin to ACGB: 66.5bps/July 2022
Maturity date: 6 June 2022

Nordic Investment Bank (NIB)

NIB priced an increase to its February 2026 kangaroo bond on 13 January 2017.

Volume: A$35m
Outstanding volume in this line: A$380m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re offer price: 101.539% (plus 1.543% accrued)
Issue yield: 3.2025%
Margin to ACGB: 56.25bps/April 2026
Margin to swap: 50bps
Maturity date: 26 February 2026

NWB Bank

NWB Bank issued a new 2027 maturity kangaroo bond on 12 January 2017.

Volume: A$25m
Outstanding volume in this line: A$25m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 99.978%
Issue yield: 3.5025%
Margin to swap: 74bps
Margin to ACGB: 83.75bps/April 2027
Maturity date: 20 July 2027

Royal Bank of Canada Sydney Branch (RBC Sydney)

RBC Sydney priced an increase to its January 2018 domestic bond on 16 January 2017.

Volume: A$100m
Outstanding volume in this line: A$625m
Coupon type: floating rate note
Coupon rate: 3m BBSW+55bps
Issue/re offer price: par
Margin to swap: 55bps/3m BBSW
Maturity date: 19 January 2018

Source: KangaNews/FIIG Securities

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