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Tuesday 21 March 2017 by FIIG Research New issues list

New Issues

New issues for the period 14 March 2017 – 21 March 2017 including: Asian Development Bank, EUROFIMA, Export Development Canada, NAB, Queensland Treasury Corporation and more

Asian Development Bank (ADB)

ADB launched and priced a new 15 year kangaroo bond on 15 March 2017.

Volume: A$50m
Outstanding volume in this line: A$50m
Coupon type: fixed
Coupon rate: 3.8%
Issue/re offer price: 100.17%
Issue yield: 3.785%
Margin to ACGB: 66.5bps/April 2029
Margin to swap: 48bps
Maturity date: 23 March 2032

EUROFIMA

EUROFIMA priced an increase to its 2025 kangaroo bond on 17 March 2017.

Volume: A$25m
Outstanding volume in this line: A$500m
Coupon type: fixed
Coupon rate: 3.9%
Issue/re offer price: 103.062%
Issue yield: 3.49%
Margin to swap: 63bps
Margin to ACGB: 76bps/April 2025
Maturity date: 19 December 2025

Export Development Canada (EDC)

EDC priced an increase to its 2021 kangaroo bond on 17 March 2017.

Volume: A$225m
Outstanding volume in this line: A$1bn
Coupon type: fixed
Coupon rate: 2.4%
Issue/re offer price: 98.641% (clean)
Issue yield: 2.745%
Margin to ACGB: 54.75bps/May 2021
Margin to swap: 37bps
Maturity date: 7 June 2021

National Australia Bank (NAB)

NAB issued a five year, fixed rate domestic bond on 17 March 2017.

Volume: A$500m
Outstanding volume in this line: A$500m
Coupon type: fixed
Coupon rate: 3.25%
Issue/re offer price: 99.111%
Issue yield: 3.445%
Margin to swap: ND
Maturity date: 24 March 2022

Province of British Columbia (British Columbia)

British Columbia priced an increase to its February 2027 kangaroo bond on 15 March 2017.

Volume: A$70m
Outstanding volume in this line: A$170m
Coupon type: fixed
Coupon rate: 2.5%
Issue/re offer price: 89.890% (plus 0.180% accrued)
Issue yield: 3.7275%
Margin to swap: 63bps
Maturity date: 26 February 2027

Province of Ontario (Ontario)

Ontario priced an increase to its January 2027 kangaroo bond on 15 March 2017.

Volume: A$30m
Outstanding volume in this line: A$170m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 97.7% (including 0.474% accrued)
Issue yield: 3.84%
Margin to ACGB: 91.25bps/April 2027
Margin to swap: 80bps
Maturity date: 27 January 2027

Queensland Treasury Corporation (QTC)

QTC priced and launched a seven year, debut green bond at A$750m on 14 March 2017. This is the largest ever green bond to price in the Australian dollar market to date.

Volume: A$750m
Outstanding volume in this line: A$750m
Coupon type: fixed
Coupon rate: 3%
Issue/re offer price: 99.828%
Issue yield: 3.0275%
Margin to ACGB: 33.5bps/April 2024
Maturity date: 22 March 2024

Rentenbank

Rentenbank priced an increase to its 2027 kangaroo bond on 17 March 2017.

Volume: A$50m
Outstanding volume in this line: A$300m
Coupon type: fixed
Coupon rate: 2.6%
Issue/re offer price: 91.825%
Issue yield: 3.58%
Margin to swap: 54bps
Margin to ACGB: 72bps/April 2027
Maturity date: 23 March 2027

World Bank

World Bank priced increases to its January 2022 and October 2026 kangaroo bonds respectively on 14 March 2017.

January 2022 kangaroo bond
Volume: A$400m
Coupon type: fixed
Coupon rate: 2.8%
Issue/re offer price: 99.730%
Issue yield: 2.86%
Margin to swap: 35bps
Margin to ACGB: 44bps/July 2022
Maturity date: 12 January 2022

October 2026 kangaroo bond
Volume: A$400m
Coupon type: fixed
Coupon rate: 2.8%
Issue/re offer price: 95.939%
Issue yield: 3.5025%
Margin to swap: 48bps
Margin to ACGB: 63.25bps/April 2026
Maturity date: 19 October 2026

Source: KangaNews/FIIG Securities

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