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Tuesday 14 March 2017 by FIIG Research New issues list

New Issues

New issues for the period 7 March 2017 – 14 March 2017 including: ALE Direct Property Trust, Auckland International Airport, CAF Development Bank of Latin America, Credit Union Australia and more

ALE Direct Property Trust (ALE)

ALE – a subsidiary of ALE Property Group – issued a new senior unsecured domestic bond on 8 March 2017.

Volume: A$150m
Outstanding volume in this line: A$150m
Coupon type: fixed
Coupon rate: 4%
Issue/re offer price: 99.720% (plus 0.276% accrued)
Issue yield: 4.0575%
Margin to swap: 150bps
Maturity date: 20 August 2022

Auckland International Airport

Auckland International Airport issued A$150m in its debut kangaroo bond on 9 March 2017.

Volume: A$150m
Outstanding volume in this line: A$150m
Coupon type: fixed
Coupon rate: 4.5%
Issue/re offer price: 99.938%
Issue yield: 4.5075%
Margin to swap: 145bps
Maturity date: 20 August 2022

CAF Development Bank of Latin America (CAF)

CAF issued A$175m in a new 10.5 year kangaroo bond on 7 March 2017.

Volume: A$175m
Outstanding volume in this line: A$175m
Coupon type: fixed
Coupon rate: 4.5%
Issue/re offer price: 99.669%
Issue yield: 4.54%
Margin to swap: 155bps
Margin to ACGB: 171.5bps/April 2027
Maturity date: 14 September 2027

Credit Union Australia (CUA)

CUA issued a new A$300m floating rate note on 9 March 2017.

Volume: A$300m
Outstanding volume in this line: A$300m
Coupon type: floating rate note
Coupon rate: 3m BBSW +130bps
Issue/re offer price: par
Margin to swap: 130bps/3m BBSW
Maturity date: 20 March 2020

DBS Bank Australia Branch (DBS Australia)

DBS Australia issued A$300m in its domestic debut on 10 March 2017.

Volume: A$300m
Outstanding volume in this line: A$300m
Coupon type: floating rate note
Coupon rate: 3m BBSW +69bps
Issue/re offer price: par
Margin to swap: 69bps/3m BBSW
Maturity date: 20 March 2020

Kommunalbanken Norway (KBN)

KBN priced an increase to its July 2025 kangaroo bond on 9 March 2017.

Volume: A$100m
Outstanding volume in this line: A$1.205bn
Coupon type: fixed
Coupon rate: 4.25%
Issue/re offer price: 105.175%
Issue yield: 3.5275%
Margin to swap: 68bps
Margin to ACGB: 71.5bps/April 2025
Maturity date: 16 July 2025

Province of Ontario (Ontario)

Ontario priced an increase to its January 2027 kangaroo bond on 10 March 2017.

Volume: A$25m
Outstanding volume in this line: A$140m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 97.287% (plus 0.474% accrued)
Issue yield: 3.8325%
Margin to swap: 80bps
Margin to ACGB: 89.25bps/April 2027
Maturity date: 27 January 2027

Shinhan Bank (Shinhan)

Shinhan issued a new four year, dual tranche kangaroo bond on 10 March 2017.

Floating rate tranche
Volume: A$300m
Outstanding volume in this line: A$300m
Coupon rate: 3m BBSW +110bps
Issue/re offer price: par
Margin to swap: 110bps/3m BBSW
Maturity date: 17 March 2021

Fixed rate tranche
Volume: A$100m
Outstanding volume in this line: A$100m
Coupon rate: 3.5%
Issue/re offer price: 99.907%
Issue yield: 3.525%
Margin to swap: 110bps
Maturity date: 17 March 2021

South Australian Government Financing Authority (SAFA)

SAFA issued a new A$750m benchmark bond on 8 March 2017.

Volume: A$750m
Outstanding volume in this line: A$750m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 96.450%
Issue yield: 3.405%
Margin to ACGB: 54.25bps
Margin to EFP: 51bps
Maturity date: 20 September 2027

Source: KangaNews/FIIG Securities

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