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Tuesday 07 February 2017 by FIIG Research New issues list

New Issues

New issues for the period 31 January – 7 February 2017 including: African Development Bank, AusNet Services Holdings, Rabobank Australia, Export-Import Bank of Korea, International Finance Corporation and Swedbank

African Development Bank (AfDB)

AfDB priced an increase to its July 2027 kangaroo bond on 3 February 2017.

Volume: A$25m
Outstanding volume in this line: A$75m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re offer price: 98.994%
Issue yield: 3.415%
Margin to swap: 51bps
Margin to ACGB: 64.25bps/April 2027
Maturity date: 27 July 2027

AusNet Services Holdings

AusNet Services Holdings – a subsidiary of AusNet Services – launched a new minimum A$150m domestic bond on 6 February 2017. Initial price guidance sits in the area of 170 basis points (bps) over semi quarterly swap.

Coöperatieve Rabobank Australia branch (Rabobank Australia)

Rabobank Australia issued A$400m in a new, one year senior unsecured bond on 2 February 2017.

Volume: A$400m
Outstanding volume in this line: A$400m
Coupon type: floating rate note
Coupon rate: 3m BBSW +53bps
Issue/re offer price: par
Margin to swap: 53bps/3m BBSW
Maturity date: 9 February 2018

Export-Import Bank of Korea (Kexim)

Kexim launched a new five year kangaroo bond and a minimum A$50m reopening of its June 2027 kangaroo line. Initial price guidance on the new five year bond is in the area of 120 bps over semi quarterly swap or bank bill swap rate (BBSW). The June 2027 increase is in the area of 125 to 127 bps over semi quarterly swap.

International Finance Corporation (IFC)

IFC launched a new minimum A$300m kangaroo bond on 6 February 2017. Initial price guidance on the forthcoming deal is 43 bps over semi quarterly swap.

Swedbank

Swedbank launched a new, Australian dollar denominated, five year benchmark bond on 7 February 2017. Initial price guidance sits in the area of 120 bps over three month BBSW and semi quarterly swap.

Source: KangaNews/FIIG Securities

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