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Tuesday 28 August 2018 by FIIG Research New issues list

New Issues

New issues for the period 22 August – 29 August 2018 including: Bank Australia, Commerzbank, IADB, IFC, KfW, NWB, Shinhan Bank, Volkswagen, World Bank

Bank Australia

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

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

Commerzbank

Commerzbank priced its, A$225m 10 year Tier 2 euro medium term note on 20 August 2018.

Volume: A$225m
Total outstanding in the line: A$225m
Coupon type: fixed
Coupon rate: 5.5%
Issue/re-offer price: par
Issue yield: 5.5%
Margin to swap: ND
Maturity date: 29 August 2028

Inter-American Development Bank (IADB)

IADB priced a, A$50m increase to its June 2029 kangaroo bond on 23 August 2018.

Volume: A$50m
Total outstanding in the line: A$225m
Coupon type: fixed
Coupon rate: 3.15%
Issue/re-offer price: 100.797%
Issue yield: 3.0625%
Margin to swap: 41bps/s-q
Margin to ACGB: 53.25bps/April 2029
Maturity date: 26 June 2029

International Finance Corporation (IFC)

IFC issued a new, A$100m April 2025 kangaroo tap on 24 August 2018.

Volume: A$100m
Total outstanding in the line: A$1.175bn
Coupon type: fixed
Coupon rate: 4%
Issue/re-offer price: 107.408% (plus 1.639% accrued)
Issue yield: 2.7625%
Margin to swap: 40bps/s-q
Margin to ACGB: 40bps/April 2025
Maturity date: 3 April 2025

KfW Bankengruppe (KfW)

KfW priced a, A$100m increase to its March 2028 kangaroo bond on 24 August 2018.

Volume: A$100m
Total outstanding in the line: A$600m
Coupon type: fixed
Coupon rate: 3.2%
Issue/re-offer price: 101.918%
Issue yield: 2.9675%
Margin to swap: 38bps/s-q
Margin to ACGB: 42.75bps/May 2028
Maturity date: 15 March 2028

NWB Bank (NWB)

NWB issued a new, A$25 July 2028 kangaroo bond on 23 August 2018.

Volume: A$25m
Total outstanding in the line: A$965m
Coupon type: fixed
Coupon rate: 3.45%
Issue/re-offer price: 102.485%
Issue yield: 3.155%
Margin to swap: 56bps/s-q
Margin to ACGB: 63bps/May 2028
Maturity date: 17 July 2028

Shinhan Bank

Shinhan Bank priced its 10 year tier two deal on 24 August 2018.

Volume: A$400m
Total outstanding in the line: A$400m
Coupon type: fixed
Coupon rate: 5%
Issue/re-offer price: par
Issue yield: 5%
Margin to swap: 237bps/s-q
Maturity date: 30 August 2018

Volkswagen Australia (Volkswagen)

Volkswagen priced its, $A350m 3.5 year domestic deal on 21 August 2018.

Volume: A$350m
Total outstanding in the line: A$350m
Coupon type: fixed
Coupon rate: 3.3%
Issue/re-offer price: 99.763%
Issue yield: 3.3725%
Margin to swap: 120bps/s-q
Maturity date: 28 February 2022

World Bank

NWB issued a new, A$110m two year kangaroo blockchain bond on 23 August 2018.

Volume: A$110m
Total outstanding in the line: A$110m
Coupon type: fixed
Coupon rate: 2.2%
Issue/re-offer price: 99.901%
Issue yield: 2.251%
Margin to swap: 23bps/s-q
Maturity date: 28 August 2020

Source: KangaNews

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