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Tuesday 14 February 2017 by FIIG Research New issues list

New Issues

New issues for the period 7 February – 14 February 2017 including: AusNet Services Holdings, BNG Bank, Export-Import Bank of Korea, International Finance Corporation, Mirvac Group Finance, Queensland Treasury Corporation and Swedbank

AusNet Services Holdings

AusNet Services Holdings – a subsidiary of AusNet Services – issued A$425m in a new 10.5 year domestic bond on 7 February 2017.

Volume: A$425m
Outstanding volume in this line: A$425m
Coupon type: fixed
Coupon rate: 4.4%
Issue/re offer price: 99.129%
Issue yield: 4.505%
Margin to swap: 165bps
Maturity date: 16 August 2027

BNG Bank (BNG)

BNG priced an increase to its 2027 kangaroo bond on 13 February 2017.

Volume: A$25m
Outstanding volume in this line: A$75m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 99.415% (clean)
Issue yield: 3.5675%
Margin to ACGB: 87.5bps/April 2027
Margin to swap: 73bps
Maturity date: 19 July 2027

Export-Import Bank of Korea (Kexim)

Kexim issued a new five year kangaroo bond and priced an increase to its June 2027 kangaroo bond on 7 February 2017.

New issue: fixed rate
Volume: A$150m
Outstanding volume in this line: A$150m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: par
Issue yield: 3.5%
Margin to swap: 117bps
Maturity date: 14 February 2022

New issue: floating rate
Volume: A$250m
Outstanding volume in this line: A$250m
Coupon type: floating rate note
Coupon rate: 3m BBSW +117bps
Issue/re offer price: par
Margin to swap: 117bps/3m BBSW
Maturity date: 14 February 2022

Increase
Volume: A$100m
Outstanding volume in this line: A$350m
Coupon type: fixed
Coupon rate: 4%
Issue/re offer price: 99.286% (plus 0.758% accrued)
Issue yield: 4.085%
Margin to swap: 125bps
Maturity date: 7 June 2027

International Finance Corporation (IFC)

IFC issued A$800m in a new kangaroo bond on 7 February 2017 and prices an increase to its 2026 kangaroo bond on 10 February 2017.

New issue
Volume: A$800m
Outstanding volume in this line: A$800m
Coupon type: fixed
Coupon rate: 2.8%
Issue/re offer price: 99.949%
Issue yield: 2.81%
Margin to swap: 43bps
Margin to AGB: 61bps/July 2022
Maturity date: 15 August 2022

Increase
Volume: A$75m
Outstanding volume in this line: A$1bn
Coupon type: fixed
Coupon rate: 3.2%
Issue/re offer price: 99.515% (plus 0.23% accrued)
Issue yield: 3.26%
Margin to ACGB: 62.5bps/April 2026
Margin to swap: 49bps
Maturity date: 22 July 2026

Province of Manitoba (Manitoba)

Manitoba issued a new, 2027 maturity kangaroo bond on 10 February 2017.

Volume: A$50m
Outstanding volume in this line: A$50m
Coupon type: fixed
Coupon rate: 3.6%
Issue/re offer price: 99.589%
Issue yield: 3.6475%
Margin to ACGB: 95.25bps/April 2027
Maturity date: 17 August 2027

Mirvac Group Finance (Mirvac)

Mirvac priced an increase to its September 2023 domestic bond on 10 February 2017.

Volume: A$50m
Outstanding volume in this line: A$250m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 95.982%
Issue yield: 4.205%
Margin to swap: 160bps
Maturity date: 18 September 2023

Nordic Investment Bank (NIB)

NIB issued a new August 2027 kangaroo bond on 8 February 2017.

Volume: A$50m
Outstanding volume in this line: A$50m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re offer price: 99.868%
Issue yield: 3.315%
Margin to swap: 50bps
Margin to ACGB: 64bps/April 2027
Maturity date: 16 August 2027

Queensland Treasury Corporation (QTC)

QTC printed a syndicated tap to its August 2027 benchmark bond on 9 February 2017. It is the first syndicated deal pricing from an Australian state treasury corporation this year.

Volume: A$750m
Outstanding volume in this line: A$2.25bn
Coupon type: fixed
Coupon rate: 2.75%
Issue/re offer price: 96.141% (minus 0.03% accrued)
Issue yield: 3.185%
Margin to ACGB: 53.5bps/April 2027
Maturity date: 20 August 2027

Swedbank

Swedbank launched a new, Australian dollar denominated, five year benchmark bond on 8 February 2017.

Floating rate tranche
Volume: A$350m
Outstanding volume in this line: A$350m
Coupon type: floating rate note
Coupon rate: 3m BBSW +118bps
Issue/re offer price: 100%
Margin to swap: 118bps/3m BBSW
Maturity date: 17 February 2022

Fixed rate tranche
Volume: A$100m
Outstanding volume in this line: A$100m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 99.932%
Issue yield: 3.515%
Margin to swap: 118bps
Maturity date: 17 February 2022

Swedish Export Credit Corporation (SEK)

SEK priced an increase to its 2026 kangaroo bond on 10 February 2017.

Volume: A$20m
Outstanding volume in this line: A$180m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re offer price: 98.863%
Issue yield: 3.44%
Margin to ACGB: 80.5bps/April 2026
Margin to swap: 65bps
Maturity date: 18 September 2026

Source: KangaNews/FIIG Securities

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