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Monday 08 May 2017 by FIIG Research New issues list

New Issues

New issues for the period 2 May 2017 – 9 May 2017 including: Asciano Finance, Axsesstoday, BNG Bank, BWP Trust and Kommunalbanken Norway

Asciano Finance (Asciano)

Asciano issued a new, A$350m dual tranche domestic bond on 5 May 2017.

Fixed rate tranche
Volume: A$250m
Outstanding volume in this line: A$250m
Coupon rate: 5.4%
Issue/re offer price: 99.924%
Issue yield: 5.41%
Margin to swap: 260bps
Maturity date: 12 May 2027

Floating rate tranche
Volume: A$600m
Outstanding volume in this line: A$600m
Coupon rate: 3m BBSW + 260bps
Issue/re offer price: par
Margin to swap: 260bps/3m BBSW
Maturity date: 12 May 2027

Axsesstoday

Axsesstoday issued A$30m in a new, four year domestic bond on 3 May 2017.

Volume: A$30m
Outstanding volume in this line: A$30m
Coupon type: fixed
Coupon rate: 7.5%
Issue/re offer price: par
Issue yield: 7.5%
Margin to swap: ND
Maturity date: 22 June 2021

BNG Bank (BNG)

BNG Bank priced an increase to its July 2027 kangaroo bond on 2 May 2017.

Volume: A$110m
Outstanding volume in this line: A$285m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 99.997% (plus 1.073% accrued)
Issue yield: 3.5%
Margin to swap: 72bps
Margin to ACGB: 90bps/April 2027
Maturity date: 19 July 2027

BWP Trust (BWP)

BWP Management – the responsible entity for BWP Trust – launched and priced a new five year domestic bond on 2 May 2017.

Volume: A$110m
Outstanding volume in this line: A$110m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re offer price: 99.739%
Issue yield: 3.5575%
Margin to swap: 125bps
Maturity date: 11 May 2022

Kommunalbanken Norway (KBN)

KBN priced an increase to its July 2025 kangaroo bond on 4 May 2027.

Volume: A$75m
Outstanding volume in this line: A$1.455bn
Coupon type: fixed
Coupon rate: 4.25%
Issue/re offer price: 107.658% (plus 1.315% accrued)
Issue yield: 3.18%
Margin to swap: 62bps
Margin to ACGB: 71.25bps/April 2025
Maturity date: 16 July 2025

Source: KangaNews/FIIG Securities

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