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Tuesday 27 February 2018 by FIIG Research New issues list

New Issues

New issues for the period 21 February – 27 February 2018 including: Alberta, ADB, BNG, GPT, IADB, KBN, NIB, NTTC, OKB, Seven Group and Westpac

Province of Alberta (Alberta)

Alberta priced an increase to its 2026 kangaroo bond on 20 February 2018.

Volume: A$200m
Total outstanding in the line: A$505m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 97.733%
Issue yield: 3.4%
Margin to swap: 53bps/s-q
Margin to ACGB: 61.25bps/April 2026
Maturity date: 14 December 2026

Asian Development Bank (ADB)

ADB priced an increase to its 2028 kangaroo bond on 23 February 2018.

Volume: A$100m
Total outstanding in the line: A$600m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 99.91%
Issue yield: 3.31%
Margin to swap: 42bps/s-q
Margin to ACGB: 46.5bps/May 2028
Maturity date: 8 August 2028

BNG Bank (BNG)

BNG priced an increase to its 2028 kangaroo bond on 20 February 2018.

Volume: A$50m
Total outstanding in the line: A$765m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 98.333% (plus 0.383% accrued)
Issue yield: 3.4925%
Margin to swap: 53bps/s-q
Margin to ACGB: 58.75bps/May 2028
Maturity date: 17 July 2028

BNG priced an increase to its 2028 kangaroo bond on 23 February 2018.

Volume: A$40m
Total outstanding in the line: A$805m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 98.676% (plus 0.383% accrued)
Issue yield: 3.4525%
Margin to swap: 53bps/s-q
Margin to ACGB: 58.5bps/May 2028
Maturity date: 17 July 2028

GPT Wholesale Shopping Centre Fund (GPT)

GPT issued a new, A$200m 10 year domestic bond on 22 February 2018.

Volume: A$200m
Total outstanding in the line: A$200m
Coupon type: fixed
Coupon rate: 4.49%
Issue/re-offer price: par
Issue yield: 4.49%
Margin to swap: 160bps/s-q
Maturity date: 28 February 2028

Inter-American Development Bank (IADB)

IADB priced an increase to its 2028 kangaroo bond on 20 February 2018.

Volume: A$50m
Total outstanding in the line: A$220m
Coupon type: fixed
Coupon rate: 3.1%
Issue/re-offer price: 97.789% (plus 0.06% accrued)
Issue yield: 3.3625%
Margin to swap: 41.5bps/s-q
Margin to ACGB: 45.25bps/May 2028
Maturity date: 22 February 2028

KfW Bankengruppe (KfW)

KfW issued a new, A$300m five year kangaroo bond on 22 February 2018.

Volume: A$300m
Total outstanding in the line: A$300m
Coupon type: fixed
Coupon rate: 2.8%
Issue/re-offer price: 99.873%
Issue yield: 2.8275%
Margin to swap: 34bps/s-q
Margin to ACGB: 41bps/April 2023
Maturity date: 22 February 2023

Kommunalbanken Norway (KBN)

KBN priced an increase to its 2028 kangaroo bond on 21 February 2018.

Volume: A$30m
Total outstanding in the line: A$280m
Coupon type: fixed
Coupon rate: 3.4%
Issue/re-offer price: 99.494% (plus 0.329% accrued)
Issue yield: 3.458%
Margin to swap: 53bps/s-q
Margin to ACGB: 59.3bps/May 2028
Maturity date: 24 July 2028

Nordic Investment Bank (NIB)

NIB issued a new, A$50m 10.5 year kangaroo bond on 21 February 2018.

Volume: A$50m
Total outstanding in the line: A$50m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 99.473%
Issue yield: 3.36%
Margin to swap: 43bps/s-q
Margin to ACGB: 50bps/May 2028
Maturity date: 28 August 2028

Northern Territory Treasury Corporation (NTTC)

NTTC issued a new, A$150m 15 year syndicated transaction on 21 February 2018.

Volume: A$150m
Total outstanding in the line: A$150m
Coupon type: fixed
Coupon rate: 3.75%
Issue/re-offer price: 98.801% (plus 1.339% accrued)
Issue yield: 3.855%
Margin to EFP: 97bps
Margin to ACGB: 75bps/April 2033
Maturity date: 21 April 2033

Oesterreichische Kontrollbank (OKB)

OKB priced an increase to its 2027 kangaroo bond on 22 February 2018.

Volume: A$35m
Total outstanding in the line: A$215m
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 100.639% (plus 0.251% accrued)
Issue yield: 3.42%
Margin to swap: 56bps/s-q
Margin to ACGB: 60.6bps/April 2027
Maturity date: 3 August 2027

Seven Group Holdings (Seven Group)

Seven Group issued a new, A$350m convertible bond on 22 February 2018.

Volume: A$350m
Total outstanding in the line: A$350m
Coupon type: fixed
Coupon rate: 2.2%
Initial conversion price: A$24
Conversion premium: 30.4%
Maturity date: 5 March 2025

Westpac Banking Corporation (Westpac)

Westpac issued a new, A$2.6bn five year domestic bond on 26 February 2018.

Fixed-rate tranche
Volume: A$250m
Total outstanding in this line: A$250m
Coupon rate: 3.2%
Issue/re-offer price: 99.805%
Issue yield: 3.2425%
Margin to swap: 83bps/s-q

Floating-rate tranche
Volume: A$2.35bn
Total outstanding in this line: A$2.35bn
Coupon rate: 3m BBSW +83bps
Issue/re-offer price: par
Margin to swap: 83bps/3m BBSW
Maturity date: 6 March 2023

Source: KangaNews

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