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Tuesday 24 January 2017 by FIIG Research New issues list

New Issues

New issues for the period 17 January – 24 January 2017 including: The Australian Office of Financial Management, Inter-American Development Bank, KfW Bankengruppe, Newcastle Permanent Building Society and Westpac

Australian Office of Financial Management (AOFM)

The AOFM issued A$9.3bn in a new, December 2021 syndicated benchmark bond on 18 January 2017.

Volume: A$9.3bn
Outstanding volume in this line: A$9.3bn
Coupon type: fixed
Coupon rate: 2%
Issue/re offer price: 99.095%
Issue yield: 2.24%
Margin to swap: Exchange For Physical +23bps
Maturity date: 21 December 2021

European Investment Bank (EIB)

EIB mandated an increase to its August 2026 kangaroo bond on 24 January 2017. Initial price guidance on the bond is 60bps over semi quarterly swap.

Export Development Canada (EDC)

EDC mandated an increase to its June 2021 kangaroo bond on 24 January 2017. Initial price guidance on the bond is 46 basis points (bps) over semi quarterly swap.

Inter-American Development Bank (IADB)

IADB priced an increase to its April 2027 kangaroo bond on 18 January 2017.

Volume: A$15m
Outstanding volume in this line: A$350m
Coupon type: fixed
Coupon rate: 2.5%
Issue/re offer price: 93.894%
Issue yield: 3.2975%
Margin to swap: 49bps
Margin to ACGB: 61.75bps/April 2027
Maturity date: 14 April 2027

KfW Bankengruppe (KfW)

KfW priced an increase to its June 2022 kangaroo bond on 20 January 2017.

Volume: A$200m
Outstanding volume in this line: A$550m
Coupon type: fixed
Coupon rate: 2.9%
Issue/re offer price: 99.97%
Issue yield: 2.99%
Margin to swap: 52bps
Margin to ACGB: 67bps/July 2022
Maturity date: 6 June 2022

L-Bank

L-Bank priced an increase to its February 2021 kangaroo bond on 19 January 2017.

Volume: A$100m
Outstanding volume in this line: A$300m
Coupon type: fixed
Coupon rate: 2.25%
Issue/re offer price: 97.425%
Issue yield: 2.9275%
Margin to ACGB: 76.75bps/May 2021
Maturity date: 17 February 2021

Newcastle Permanent Building Society (NPBS)

NPBS issued A$150m in a new, five year domestic bond on 17 January 2017.

Volume: A$150m
Outstanding volume in this line: A$150m
Coupon type: floating rate note
Coupon rate: 3m BBSW+165bps
Issue/re offer price: par
Margin to swap: 165bps/3m BBSW
Maturity date: 24 January 2022

Oesterreichische Kontrollbank (OKB)

OKB mandated a new August 2027 kangaroo bond on 23 January 2017. Initial price guidance on the bond is 68bps over semi quarterly swap.

Province of Ontario (Ontario)

Ontario issued a new, ten year kangaroo bond on 19 January 2017.

Volume: A$30m
Outstanding volume in this line: A$30m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 99.395%
Issue yield: 3.5725%
Margin to swap: 80bps
Margin to ACGB: 88.75bps/April 2027
Maturity date: 27 January 2027

Rentenbank

Rentenbank priced an increase to its March 2027 kangaroo bond on 23 January 2017.

Volume: A$50m
Outstanding volume in this line: A$250m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re offer price: 92.634%
Issue yield: 3.4675%
Margin to ACGB: 71bps/April 2027
Margin to swap: 55bps
Maturity date: 23 March 2027

Swedish Export Credit Corporation (SEK)

SEK mandated an increase to its September 2026 kangaroo bond on 23 January 2017. Initial price guidance of the increase is in the area of 65bps over semi quarterly swap.

Westpac Banking Corporation (Westpac)

Westpac issued A$2.6bn in a new, dual tranche five year domestic bond on 20 January 2017.

Tranche: Floating rate
Volume: A$2.35bn
Outstanding volume in this line: A$2.35bn
Coupon rate: 3m BBSW +111bps
Issue/re offer price: par
Margin to swap: 111bps/3m BBSW
Maturity date: 7 February 2022

Tranche: Fixed rate
Volume: A$250m
Outstanding volume in this line: A$250m
Coupon rate: 3.5%
Issue/re offer price: 99.761%
Issue yield: 3.553%
Margin to swap: 111bps
Maturity date: 7 February 2022

Source: KangaNews/FIIG Securities

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