Asia-Pacific MTNs: Callable step-ups; Samurai; Uridashis

Samurai
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Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets over the past few weeks.

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Asia Pacific issuance listing

The following bonds of interest are amongst those that have been issued so far in July in the Asia Pacific markets. The deal list includes structured and vanilla bonds likely to create hedge requirements that could impact rates markets.

 

 

AUD

Callable bonds

  • Bank of Nova Scotia issued a AUD50m putable/callable 15yNC5 zero coupon bond in a self led deal. It has a one-time par put in Jan 2023 and is callable annually from Jul 2027. Final redemption comes at 246.8773 on Jul 26, 2037.

     

  • Barclays Bank sold a AUD14m callable 5yNC1 zero coupon bond in a self led deal. It is callable annually from Jul 2023 and if not called will redeem at 105.65 on Jul 14, 2027. It yields 5.65%.

     

  • Citigroup Global Markets issued a AUD14m callable 10yNC3 fixed-rate GMTN in a self led deal. It pays an annual 6.20% coupon and is callable at par annually from Jul 2025. If not called previously final maturity will be Jul 28, 2032.

     

  • Citigroup Global Markets issued a AUD1.37m callable 3yNC1 fixed-rate GMTN in a self led deal. It pays an initial 4.50% coupon and is callable at par semi annually from Jul 2023. If not called the coupon steps up by 25bps each year. Final maturity is Jul 12, 2025.

     

  • Credit Agricole sold a AUD28m callable 5yNC1 zero coupon bond in a self led deal. It is callable annually from Jul 2023 and if not called previously will redeem at 132.2519 on Jul 25, 2027. It yields 5.75%.

     

  • Credit Suisse AG issued a AUD1m callable 5yNC1 step up coupon bond. It pays an initial 4.70% coupon in Year 1 and is then callable at par quarterly from Aug 2023. if not called the coupon steps up by 10bps each year. Final maturity is Aug 10, 2027.

     

  • Credit Suisse AG issued a AUD4m callable 5yNC1 step up coupon bond. It pays an initial 4.84% coupon in Year 1 and is then callable at par quarterly from Jul 2023. if not called the coupon steps up by 10bps each year. Final maturity is Jul 12, 2027.

     

  • Goldman Sachs Finance Corp International sold a AUD1m callable 2yNC1 step up bond in a self led deal. It pays a quarterly 3.22% coupon for 1 year and is then callable at par quarterly from Aug 2023. If not called the coupon steps up to 3.32%. Final maturity is Aug 1, 2024. 

     

  • JPMorgan Chase Financial Company LLC sold a AUD22m callable 7yNC3 fixed rate EMTN. It pays an annual 5.48% coupon and is callable at par annually from Jul 2025. If not called final maturity is Jul 22, 2029.

     

  • NAB raised AUD1.25bn in a self led two tranche callable bond deal. Both tranches have final maturity dates of Aug 3, 2032. Details are as follows:

     

    • AUD250m 10yNC5 callable floater, pays 3m BBSW + 280bps, callable at par quarterly from Aug 2027.

       

    • AUD1bn callable 10yNC5 callable fixed-to-float bond, pays 6.322% for 5y then callable at par quarterly from Aug 2027, if not called coupon switches to 3m BBSW + 280bps.

     

  • Natixis sold a AUD50m callable 14yNC5 zero coupon bond in a self led deal. It is callable annually from Jul 2027 and if not called will redeem at 232.7492 on Jul 21, 2036. It yields 6.22%.

     

  • Natixis issued a AUD7.5m callable 10y bond in a self led deal. It pays an annual 5.80% coupon. It is callable at par in Jul 2023, then annually from Jul 2029. If not called previously final maturity is Jul 26, 2032.

 

Kangaroo, Uridashi and other vanilla bonds from offshore issuers

  • Arlo XII Ltd sold a AUD11m short 4-year bond through Barclays. It pays a semi annual 5.60% coupon and matures Feb 19, 2026.

     

  • Asia Development Bank sold a AUD105m Global MTN through RBC. It pays a 4.0516% coupon and matures Aug 10, 2032.

     

  • BNG Bank NV added AUD25m to its 3.50% Jul 19, 2027 Kangaroo Bond. The tap took the deal size to AUD740m. 

     

  • Citigroup Global Markets issued a AUD4.06m 2-year FRN in a self led deal. It pays 3m BBSW flat and matures Jul 7, 2024.

     

  • International Bank for Reconstruction and Development issued a AUD50m 5-year EMTN through Daiwa, It pays a semi annual 3.85% coupon to Jul 14, 2027.

     

  • International Finance Corporation added AUD25m to an existing 5-year Kangaroo Bond. The tap took the size of its 3.20% Oct 18, 2027 bond to AUD1.15bn. 

     

  • Kreditanstalt Fuer Wiederaufbau added a AUD100m to its 2% Feb 15, 2027 Kangaroo Bond in a tap deal led by TD Securities. It took outstanding issuance to AUD400m.

     

  • Landwirtschaftliche Rentenbank aded AUD50m to its 3.25% Apr 12, 2028 Kangaroo Bond. The tap deal was led by JPMorgan and it took outstanding issuance to AUD1.155bn.

     

  • Landwirtschaftliche Rentenbank added AUD100m to its 3.20% May 25, 2029 Kangaroo Bond in a tap deal led by RBCCM. Outstanding issuance is now AUD650m.

     

  • Mashreqbank PSC issued a JPY1bn 2-year EMTN through SMBC Nikko. It pays a semi annual 0.30% coupon and matures Jul 29, 2024.

     

  • PSP Capital Inc sold a AUD230m 10-year EMTN through RBCCM. It pays a semi annual 4.5663% coupon and matures Aug 5, 2032.

     

  • Royal Bank of Canada raised AUD1.3bn by way of a 5-year covered bond  deal. It matures Jul 13, 2027, was jointly led by ANZ, CBA, DBS, NAB, RBCCM and Westpac and is split into floating- and fixed-rate tranches as follows:

     

    • AUD500m FRN paying 3m BBSW + 105bps.

    • AUD800m paying a sa 4.50% coupon.
     

     

  • Sumitomo Mitsui issued a AUD100m 4-year CD through CBA. It pays 4.74% to Jul 28, 2026.

     

  • Sumitomo Mitsui also issued a AUD150m 4-year floating rate CD through CBA. It pays 3m BBSW + 105bps to Jul 28, 2026.

     

  • Toronto Dominion Bank raised AUD2bn in a 3-year Covered Bond issue through joint leads ANZ, CBA, DBS, NAB, TD Securities and Westpac. The deal matures Jul 28, 2025 and is split into fixed and floating rate torches as follows:

     

    • AUD850m paying a sa 4.50% coupon (price 99.847, yield 4.555%).

    • AUD1.55bn FRN paying 3m BBSW + 90bps.

 

Variable coupon bonds

  • Citigroup Global Markets Funding sold a AUD2.65m 3-year step up bond in a self led deal. It pays an initial quarterly 3.60% coupon in Year 1, then steps up to 4.20% in Year 2 and 4.60% in Year 3.

     

  • Standard Chartered Bank issued a AUD2.94m 3-year step up bond in a self led deal. It pays an initial quarterly 3.88% coupon in Year 1, then steps up by 10bps in Year 2 and by a further 20bps in Year 3.

     

  • Standard Chartered Bank issued a AUD1m 2-year step up bond in a self led deal. It pays an initial quarterly 3.50% coupon in Year 1, then steps up by 10bps in Year 2.

 

Zero coupon bonds

  • Natixis issued a AUD85m 1-year zero coupon bond in a self led deal. It matures Jul 20, 2023.

 

 

JPY

Callable bonds

  • Meiji Yasuda Life 2nd Subordinated Loan Securitization Co Ltd issued a JPY71.6bn callable 30yNC10 fixed to floating rate bond through joint leads Daiwa, MUMSS, Mizuho and Nomura. It pays an initial 1.25% semi annual coupon for 10 years, then is callable at par every 5 years from Aug 2032. If not called the coupon switches to 5y JGBs + 204.5bps. Final maturity is Aug 3, 2052. 

     

  • Mitsubishi UFJ Financial Group issued a JPY184bn callable 10yNC5 fixed-to-float bond through MUMSS. It pays a initial 0.718% semi annual coupon for 5 years to a one-time par call in Jul 2027. If not called the coupon switches to 5y JGBs + 68bps. Final maturity is Jul 29, 2032.

 

Currency linked bonds

  • Societe Generale sold a JPY585m 15-year currency linked Uridashi Bond in a self led deal. It pays a fixed 4.50% coupon for 2 years, then switches to a floating coupon linked to the AUD/JPY FX rate. Redemption, on Aug 2, 2037, is also linked to the AUD/JPY FX rate. 

     

  • Societe Generale sold a JPY243m 20-year currency linked Uridashi Bond in a self led deal. It pays a fixed 4% coupon for 2 years, then switches to a floating coupon linked to the USD/JPY FX rate. Redemption, on Aug 2, 2042, is also linked to the USD/JPY FX rate.

 

Equity linked bonds

  • Credit Agricole CIB SA issued a JPY150m 4-year equity linked Uridashi Bond. It pays 2.70% for 3 months, then links to the Nikkei 225 index. It matures Jul 24, 2026.

     

  • Credit Agricole CIB SA issued a JPY4.353bn 3-year equity linked Uridashi Bond. It pays 4% for 3 months, then links to the Nikkei 225 and S&P 500 indices. The deal runs to Jul 25, 2025.

     

  • Credit Agricole CIB SA issued a JPY517m 3-year equity linked Uridashi Bond. It pays 4.84% for 3 months, then links to the Nikkei 225 and S&P 500 indices. The deal runs to Jul 11, 2025.

     

  • Goldman Sachs International sold a JPY2.243bn 3-year equity linked Uridashi Bond through Hachijuni. It pays a 15.30% coupon for 3 months, then links to the Nikkei 225 and S&P 500 indices. It matures Jul 29, 2025.

     

  • Hong Kong & Shanghai Bank issued a JPY1.408bn 3-year equity linked Uridashi Bond through Daiwa. It pays an initial 4.60% coupon for 6 months, then switches to a floating coupon linked to the Nikkei 225 and S&P 500 equity indices. Maturity is Jul 17, 2025.

     

  • Hong Kong & Shanghai Bank sold a JPY1.704bn 3-year equity linked Uridashi Bond through Daiwa. It pays an initial 5.90% coupon for 6 months, then switches to a floating coupon linked to the Nikkei 225 and S&P 500 equity indices. Maturity is Jul 17, 2025.

     

  • Hong Kong & Shanghai Bank sold a JPY1.327bn 1.5-year equity linked Uridashi Bond through Daiwa. It pays an initial 4.80% coupon for 6 months, then switches to a floating coupon linked to the Nikkei 225 and S&P 500 equity indices. Maturity is Jan 17, 2024.

     

  • Hong Kong & Shanghai Bank sold a JPY400m 3-year equity linked Uridashi Bond through Daiwa. It pays an initial 4% coupon for 6 months, then switches to a floating coupon linked to the Nikkei 225 index. It matures Jul 17, 2025.

     

  • Kuntarahoitus Oyj sold a JPY504m 2-year equity linked Uridashi Bond. It pays an initial 1.70% coupon for 3 months, then switches to a floating coupon linked to the Nikkei 225 and S&P 500 equity indices. Maturity is Jul 12, 2024.

     

  • Kuntarahoitus Oyj sold a JPY220m 5-year equity linked Uridashi Bond. It pays an initial 4.50% coupon for 3 months, then switches to a floating coupon linked to the Euro Stoxx 50 index. Maturity is Jul 12, 2027.

     

  • Kuntarahoitus Oyj sold a JPY522m 2-year equity linked Uridashi Bond. It pays an initial 9.16% coupon for 3 months, then switches to a floating coupon linked to the Denso Corp stock price. Maturity is Jul 19, 2024.

     

  • Kuntarahoitus Oyj sold a JPY487m 3-year equity linked Uridashi Bond. It pays an initial 6.01% coupon for 3 months, then switches to a floating coupon linked to the NSK Ltd stock price. Maturity is Aug 7, 2025.

     

  • Kuntarahoitus Oyj sold a JPY1.5bn 3-year equity linked Uridashi Bond. It pays an initial 6.68% coupon for 3 months, then switches to a floating coupon linked to the Denso Corp stock price. Maturity is Aug 7, 2025.

     

  • Kuntarahoitus Oyj sold a JPY500m 3-year equity linked Uridashi Bond. It pays an initial 8.05% coupon for 3 months, then switches to a floating coupon linked to the Isuzu Motors Ltd stock price. Maturity is Aug 7, 2025.

     

  • Kuntarahoitus Oyj sold a JPY1.316bn 3-year equity linked Uridashi Bond. It pays an initial 2.30% coupon for 3 months, then switches to a floating coupon linked to the Nikkei 225 index. Maturity is Aug 7, 2025.

     

  • Kuntarahoitus Oyj sold a JPY580m 3-year equity linked Uridashi Bond. It pays an initial 9.65% coupon for 3 months, then switches to a floating coupon linked to the Renesas Electronics Corp stock price. Maturity is Aug 7, 2025.

     

  • Mitsubishi UFJ Securities Holdings Co Ltd sold a JPY1.959bn 5-year equity linked Uridashi Bond. It pays an initial 3.60% coupon for 6 months, then switches to a floating coupon linked to the Nikkei 225 index. Maturity is Jul 12, 2027.

     

  • Societe Generale issued a JPY727m 4-year equity linked Uridashi Bond through Chugin. It pays an initial 4.50% coupon for 3 months, then switches to a floating coupon linked to the Nikkei 225 and S&P 500 equity indices. Maturity is Jul 13, 2026. 

     

  • Societe Generale issued a JPY1.09bn 3-year equity linked Uridashi Bond through Gungin. It pays an initial 3.15% coupon for 3 months, then switches to a floating coupon linked to the Nikkei 225 and S&P 500 equity indices. Maturity is Jul 18, 2025.

     

  • Societe Generale issued a JPY1.632bn 4-year equity linked Uridashi Bond through Chugin. It pays an initial 3% coupon for 3 months, then switches to a floating coupon linked to the Nikkei 225 index. It matures Jul 27, 2026.

     

  • Societe Generale issued a JPY895m 3-year equity linked Uridashi Bond through Iwai Cosmo. It pays an initial 6.10% coupon for 3 months, then switches to a floating coupon linked to the Nikkei 225 index. It matures Aug 1, 2025.

     

  • Tokai Tokyo Financial Holdings Inc sold a JPY636m 3-year equity linked Uridashi Bond. It pays 8.55% for 3 months, then links to the Sony Group stock price. Maturity is Aug 7, 2025.

     

  • Tokai Tokyo Financial Holdings Inc sold a JPY1.966bn 3-year equity linked Uridashi Bond. It pays 13.85% for 3 months, then links to the Advantest Corp stock price. Maturity is Aug 7, 2025.

     

  • Tokai Tokyo Financial Holdings Inc sold a JPY928m 3-year equity linked Uridashi Bond. It pays 8.70% for 3 months, then links to the Denso Corp stock price. Maturity is Aug 7, 2025.

     

  • Tokai Tokyo Financial Holdings Inc sold a JPY970m 3-year equity linked Uridashi Bond. It pays 8.05% for 3 months, then links to the Nidec Corp stock price. Maturity is Aug 7, 2025.

 

Samurai, Uridashi and other vanilla bonds from offshore issuers

  • BPCE SA raised JPY114.4bn by issuing 5-, 7- and 10-year Samurai Bonds through joint leads Daiwa, Mizuho, Natixis and Nomura. The issuance was split as follows:

     

    • JPY54bn 0.915% Jul 7, 2027 (TONAR + 75bps).

    • JPY14.9bn callable 7yNC6 fixed-to-float bond, pays 1.422% to a one-time par call in Jul 2028. If not called the coupon switches to 1y swaps + 120bps. Final maturity is Jul 6, 2029.

    • JPY2.5bn 1.197% Jul 7, 2032 (TONAR + 76bps).

    • JPY16.4bn callable 10yNC9 fixed-to-float bond, pays 1.615% to a one-time par call in Jul 2031. If not called the coupon switches to 1y swaps + 123bps. Final maturity is Jul 7, 2032.

    • JPY26.6bn callable 10yNC5 fixed-to-float bond, pays 2.40% to a one-time par call in Jul 2027. If not called the coupon switches to 5y swaps + 223.5bps. Final maturity is Jul 7, 2032.

     

  • Hemso Fastighets AB sold a JPY10bn 20-year EMTN in a deal led by Bank of America. It pays a semi-annual 1.46% coupon and matures Jul 7, 2042.

     

  • HSBC Bank PLC sold a AUD9.47m 3-year FRN in a self led deal. It pays 3m BBSW flat and matures Jul 13, 2025.

     

  • Mitsubishi HC Capital UK PLC issued a JPY1.8bn 1-year EMTN through Mizuho. It pays a semi-annual 0.20% coupon and matures Jul 25, 2023. 

     

  • NatWest Markets PLC issued a JPY4bn 5-year EMTN through NatWest and Nomura. It pays a semi-annual 1% coupon and matures Jul 8, 2027.

 

 

KRW

Zero coupon bonds

  • Busan Bank sold a KRW50bn 1-year zero coupon CD through Daol.

     

  • HD Hyundai issued a KRW33bn 3-year zero coupon bond through KB and NHIS.

     

  • Suhyup Bank issued a KRW5bn 1-year zero coupon CD through Daol.

 

 

NZD

Kauri, Uridashi and other vanilla bonds from offshore issuers

  • European Investment Bank issued a NZD475m 5-year fixed-rate EMTN through ANZ and BNZ. The deal pays a semi annual 4% coupon and matures Jul 22, 2027. It was priced at swaps + 30bps.

 

 

SGD

Callable bonds

  • BNP Paribas sold a SGD300m callable 10yNC5 fixed to float bond. It pays a semi annual 5.25% coupon for 5 years, to a one-time par call in Jul 2027. If not called the coupon then switches to 5y swaps + 268.3bps. Final maturity is Jul 12, 2032.

     

  • Citigroup Global Markets Funding sold a SGD1.75m callable 3yNC3m step up coupon bond. It pays a quarterly 3.12% coupon for 1 year and the coupon steps up to 3.13% in Year 2. Maturity is Jul 15, 2025.

     

  • Credit Suisse AG sold a SGD2.46m callable 5yNC1 fixed to float bond. It pays a semi annual 3.15% coupon for 1 year, then is callable at par quarterly from Jul 2023. If not called the coupon steps up by 10bps each year to final maturity in Jul 29, 2027.

     

  • Goldman Sachs sold a SGD15m callable 2yNC6m step up coupon bond. It pays a quarterly 2.45% coupon for 6 months, then is callable quarterly from Aug 2023. If not called the coupon steps up by 10bps. Maturity is Aug 3, 2023.

     

  • Goldman Sachs sold a SGD1m callable 2yNC1 step up coupon bond. It pays a quarterly 2.48% coupon for 1 year, then is callable quarterly from Aug 2023. If not called the coupon steps up by 10bps. Maturity is Aug 1, 2024.

     

  • Societe Generale issued a SGD200m callable perpetualNC5 fixed to float bond. It pays a semi annual 8.25% coupon for 5 years, then is callable at par from Jul 2027. If not called the coupon switches to 5y swaps + 560bps. 

     

  • UBS AG sold a SGD2.85m callable 1yNC6m step up coupon bond. It pays a quarterly 2.45% coupon for 6 months, then is callable semi annually from Feb 2023. If not called the coupon steps up by 10bps. Maturity is Aug 3, 2023.

 

Variable coupon bonds

  • Barclays Bank PLC issued a SGD7.93m 3-year step up coupon bond. It pays a quarterly 2.30% coupon for 1 year and the coupon steps up by 10bps each year. Maturity is Jul 29, 2025. 

     

  • Barclays Bank PLC issued a SGD20.14m 2-year step up coupon bond. It pays a quarterly 2.65% coupon for 1 year and the coupon steps up by 10bps thereafter. Maturity is Aug 1, 2024. 

     

  • Barclays Bank PLC issued a SGD2.37m 3-year step up coupon bond. It pays a quarterly 2.25% coupon in Year 1, 2.55% in Year 2 and 3% in Year 3. Maturity is Aug 3, 2025. 

     

  • Barclays Bank PLC issued a SGD4.97m 2-year step up coupon bond. It pays a quarterly 2.38% coupon in Year 1 and steps up by 10bps thereafter. It matures Aug 3, 2024.

     

  • Barclays Bank PLC issued a SGD4.12m 2-year step up coupon bond. It pays a quarterly 3.05% coupon in Year 1 and steps up by 10bps thereafter. It matures Aug 3, 2024.

     

  • Barclays Bank PLC issued a SGD11.34m 2-year step up coupon bond. It pays a quarterly 2.40% coupon in Year 1 and steps up by 10bps thereafter. It matures Aug 1, 2024.

     

  • Barclays Bank PLC issued a SGD1m 2-year step up coupon bond. It pays a quarterly 2% coupon in Year 1 and 2.50% in Year 2. Maturity is Aug 5, 2024.

     

  • Citigroup Global Markets Funding sold a SGD8m 2-year step up coupon bond. It pays a quarterly 2.65% coupon for 1 year and the coupon steps up by 10bps for Year 2. It matures Jul 12, 2024.

     

  • Citigroup Global Markets Funding sold a SGD4.35m 3-year step up coupon bond. It pays a quarterly 2.20% coupon in Year 1, 2.50% in Year 2 and 2.70% in Year 3. Maturity is Jul 14, 2025.

     

  • Standard Chartered Bank sold a SGD1.49m 3-year step up coupon bond. It pays a quarterly 1.70% coupon in Year 1, 1.80% in Year 2 and 2.20% in Year 3. Maturity is Jul 27, 2025.

     

  • UBS AG sold a SGD51.25m 1-year step up coupon bond. It pays a quarterly 3.15% coupon for 3 months and the coupon steps up by 10bps each quarter. Maturity is Aug 3, 2023.