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Tuesday 21 August 2018 by FIIG Research New issues list

New Issues

New issues for the period 15 August - 22 August 2018 including: Bank Australia, BNG, DBS, ING Australia, L-Bank, NPBS, NTTC, NWB

Bank Australia

Bank Australia upsized and priced its debut sustainability bond on 20 August 2018.

Volume: A$125 million (US$91.3 million)
Total outstanding in this line: A$125 million
Coupon type: FRN
Coupon rate: 3m BBSW +130bp
Issue/re-offer price: par
Margin to swap: 130bp/3m BBSW
Maturity date: 30 August 2021

BNG Bank (BNG)

BNG priced its, A$25m 2028 kangaroo tap on 15 August 2018.

Volume: A$25 million (US$18.1 million)
Total outstanding in the line: A$1.06 billion
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 100.883% (plus 0.314% accrued)
Issue yield: 3.195%
Margin to swap: 51bp/s-q
Margin to ACGB: 60.25bp/May 2028
Maturity date: 17 July 2028

DBS Bank Australia Branch (DBS)

DBS issued a new, A$600m three year domestic floating rate note on 14 August 2018.

Volume: A$600 million (US$435.7 million)
Total outstanding in the line: A$600 million
Coupon type: FRN
Coupon rate: 3m BBSW +72bp
Issue/re-offer price: par
Margin to swap: 72bp/3m BBSW
Maturity date: 23 August 2021

ING Bank Australia (ING Australia)

ING priced a new, $A1bn dual tranche covered bond on 17 August 2018.

Three-year FRN tranche
Volume: A$400 million
Total outstanding in the line: A$400 million
Maturity date: 7 September 2021
Coupon rate: 3m BBSW +58bp
Issue/re-offer price: par
Margin to swap: 58bp/3m BBSW
Maturity date: 7 September 2021

Five-year fixed-rate tranche
Volume: A$600 million
Total outstanding in the line: A$600 million
Maturity date: 7 September 2023
Coupon rate: 3%
Issue/re-offer price: 99.803%
Issue yield: 3.0425%
Margin to swap: 77bp/s-q
Maturity date: 7 September 2023

L-Bank

L-Bank priced an increase to its February 2021 kangaroo bond on 14 August 2018.

Volume: A$100 million (US$72.7 million)
Total outstanding in the line: A$400 million
Coupon type: fixed
Coupon rate: 2.25%
Issue/re-offer price: 99.502%
Issue yield: 2.4575%
Margin to swap: 37bp/s-q
Margin to ACGB: 44.5bp/May 2021
Maturity date: 17 February 2021

Newcastle Permanent Building Society (NPBS)

NPBS issued its, A$75m January 2022 floating rate note tap on 17 August 2018.

Volume: A$75 million (US$54.5 million)
Total outstanding in the line: A$225 million
Coupon type: FRN
Coupon rate: 3m BBSW +165bp
Issue/re-offer price: 101.031% (plus 0.347% accrued)
Margin to swap: 133bp/3m BBSW
Maturity date: 24 January 2022

Northern Territory Treasury Corporation (NTTC)

NTTC priced its, A$500m May 2023 syndicated deal on 15 August 2018.

Volume: A$500 million (US$361.6 million)
Total outstanding in the line: A$500 million
Coupon type: fixed
Coupon rate: 3.5%
Issue/re-offer price: 100.62% (plus 0.885% accrued)
Issue yield: 3.435%
Margin to EFP: 86bp
Margin to ACGB: 80bp/May 2030
Maturity date: 21 May 2030

NWB Bank (NWB)

NWB priced its new, A$25m, July 2028 kangaroo tap on 14 August 2018.

Volume: A$25 million (US$18.2 million)
Total outstanding in the line: A$925 million
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 102.042%
Issue yield: 3.2075%
Margin to swap: 54bp/s-q
Margin to ACGB: 62bp/May 2028
Maturity date: 17 July 2028

NWB Bank (NWB)

NWB topped up its July 2028 kangaroo tap on 14 August 2018.

Volume: A$15 million (US$10.9 million)
Total outstanding in this line: A$940 million
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 102.36%
Issue yield: 3.17%
Margin to swap: 55bp/s-q
Margin to ACGB: 62.75bp/May 2028
Maturity date: 27 July 2028

Source: KangaNews

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