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Tuesday 11 April 2017 by FIIG Research New issues list

New Issues

New issues for the period 4 April 2017 – 11 April 2017 including: BNG Bank, EUROFIMA, Rentenbank, Telstra Corporation and Western Australian Treasury Corporation

BNG Bank

BNG Bank priced an increase to its July 2027 kangaroo bond on 4 April 2017.

Volume: A$30m
Outstanding volume in this line: A$130m
Coupon type: fixed rate
Coupon rate: 3.5%
Issue/re offer price: 100.125%
Issue yield: 3.485%
Margin to swap: 72bps
Margin to ACGB: 88.5bps/April 2027
Maturity date: 19 July 2027

EUROFIMA

EUROFIMA priced an increase to its January 2027 kangaroo bond on 7 April 2017.

Volume: A$30m
Outstanding volume in this line: A$280m
Coupon type: fixed rate
Coupon rate: 2.6%
Issue/re offer price: 93.334%
Issue yield: 3.41%
Margin to swap: 68bps
Margin to ACGB: 88bps/April 2027
Maturity date: 13 January 2027

Rentenbank

Rentenbank priced an increase to its March 2027 kangaroo bond on 5 April 2017.

Volume: A$75m
Outstanding volume in this line: A$425m
Coupon type: fixed rate
Coupon rate: 2.6%
Issue/re offer price: 93.902% (plus 0.141% accrued)
Issue yield: 3.325%
Margin to swap: 54bps
Margin to ACGB: 72.25bps/April 2027
Maturity date: 23 March 2027

Telstra Corporation (Telstra)

On 6 April 2017, Telstra issued A$1bn in a multi tranche domestic deal. The transaction contains a A$500m 10 year tranche – the Australian market’s largest ever true corporate at this tenor.

Four year fixed rate
Volume: A$300m
Outstanding volume in this line: A$300m
Coupon rate: 2.9%
Issue/re offer price: 99.803%
Issue yield: 2.9525%
Margin to swap: 82bps
Maturity date: 19 April 2021

Four year floating rate
Volume: A$150m
Outstanding volume in this line: A$150m
Coupon rate: 3m BBSW +82bps
Issue/re offer price: par
Margin to swap: 82bps/3m BBSW
Maturity date: 19 April 2021

Ten year fixed rate
Volume: A$550m
Outstanding volume in this line: A$550m
Coupon rate: 4%
Issue/re offer price: 99.45%
Issue yield: 4.0675%
Margin to swap: 132bps
Maturity date: 19 April 2027

Western Australian Treasury Corporation (WATC)

WATC priced a A$1bn increase to its July 2024 domestic bond on 6 April 2017.

Volume: A$1bn
Outstanding volume in this line: A$1.88bn
Coupon type: fixed rate
Coupon rate: 2.5%
Issue/re offer price: 96.91% (plus 0.552% accrued)
Issue yield: 2.975%
Margin to ACGB: 59.25bps/April 2024
Maturity date: 23 July 2024

Source: KangaNews/FIIG Securities

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