Asia-Pacific MTNs: Callables; Kangas; Variable coupon deals

Matrix 9 Nv 2020
;
Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets over the past week.

Start a free trial to read this article

Join today to access all  Total Derivatives content and breaking news. Already a subscriber? Please Log In to continue reading.


Or contact our Sales Team to discuss subscription options.

Get in Touch

Asia Pacific issuance listing

The following bonds of interest are amongst those that have been issued recently 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

  • Australia Pacific Mortgage Fund Ltd issued a AUD4.3m callable 1y bond in a self led deal. It pays a quarterly 7% coupon, is callable at par anytime after issue and if not called will mature Aug 22, 2023. 

     

  • Australia Pacific Mortgage Fund Ltd issued a AUD10m callable 1y bond in a self led deal. It pays a quarterly 8% coupon, is callable at par anytime after issue and if not called will mature Aug 25, 2023. 

     

  • Barclays Bank PLC sold a AUD14m callable 5yNC2 zero coupon bond in a self led deal. It is callable annually from Aug 2024 and if not called perviously will redeem at 131.6278 on Aug 18, 2027. It yields 5.585%.

 

Kangaroo, Uridashi and other vanilla bonds from offshore issuers

  • Asian Development Bank issued a AUD450m short 3-year Kangaroo Bond in dealer by ANZ, RBCCM and TD Securities. The deal came as an increase in the issuer’s existing 3.70% Jun 17, 2025 bond, taking outstanding issuance to AUD1.15bn.

     

  • Credit Agricole CIB SA sold a AUD20m 5-year EMTN in a self led deal. It pay an annual 4.59% coupon and matures Aug 19, 2027.

     

  • Credit Suisse issued via NAB and itself AUD100m in November 20, 2023 FRNs that pay AUD 3M BBSW + 125bps.

     

  • International Finance Corporation issued a AUD500m 3.5-year Kangaroo Bond through joint leads ANZ, CBA and Daiwa. It was issued at 99.928 and pays a semi annual 3.60% coupon to maturity on Feb 24, 2026. The deal was priced at ACGBs + 63.45bps.

     

  • Mizuho Bank sold a AUD500m 3-year FRN in a deal jointly led by ANZ, CBA, Mizuho, NAB and Westpac. It pays 3m BBSW + 88bps and matures Aug 22, 2025.

     

  • Nordic Investment Bank added AUD125m to its existing 2.4%, September 22, 2025 Kangaroo bonds to bring the new size to AUD425m. Lead is JPM. 

     

  • Rabobank Nederland issued a AUD150m 1-year FRN through ANZ. It pays 3m BBSW + 48bps and matures Aug 24, 2023. 

     

  • Woori Bank issued a AUD100m 1-year FRN through CBA. The deal pays 3m BBSW + 60bps and matures Aug 28, 2023.

 

Variable coupon bonds

  • Standard Chartered Bank self led a AUD4.48m 3-year step up coupon bond. It pays a quarterly 3.62% coupon that steps up by 10bps every year. It matures Aug 22, 2025.

 

 

HKD

Zero coupon bonds

  • China Development Bank issued a HKD1.5bn 1-year zero coupon bond through Bank of China.

     

  • Industrial and Commercial Bank of China sold a HKD750m 1-year zero coupon bond through Bank of Communications.

 

 

JPY

Callable bonds

  • Societe Generale sold a JPY691m callable 7yNC1 Uridashi Bond through Gungin and North Pacific. It pays a semi-annual 0.45% coupon and is callable at par on each coupon date from Aug 2023. If not called previously the deal will mature Aug 24, 2029.

 

Equity linked bonds

  • Aktiebolaget Svensk Exportkredit issued a JPY430m 3-year equity linked Uridashi Bond through Tokai. It pays an initial fixed 7.05% coupon for 3 months then switches to a floating coupon linked to the Alps Alpine Co stock price. Maturity is Sep 11, 2025.

     

  • BNP Paribas issued a JPY1.757bn 1.5-year equity linked Uridashi Bond through Daiwa. It pays an initial fixed 4.50% coupon for 6 months then switches to a floating coupon linked to the Nikkei 225 and S&P 500 equity indices. Final maturity is Feb 14, 2024.

     

  • BNP Paribas issued a JPY1.505bn 3-year equity linked Uridashi Bond through Daiwa. It pays an initial fixed 5.80% coupon for 6 months then switches to a floating coupon linked to the Nikkei 225 and S&P 500 equity indices. Final maturity is Aug 14, 2025.

     

  • BNP Paribas issued a JPY270m 3-year equity linked Uridashi Bond through Daiwa. It pays an initial fixed 4.40% coupon for 6 months then switches to a floating coupon linked to the Nikkei 225 equity index. It matures Aug 14, 2025.

     

  • BNP Paribas issued a JPY1.28bn 3-year equity linked Uridashi Bond through Daiwa. It pays an initial fixed 4.55% coupon for 6 months then switches to a floating coupon linked to the Nikkei 225 and S&P 500 equity indices. It matures Aug 14, 2025.

 

 

SGD

Callable bonds

  • Citigroup Global Markets issued a SGD3.44m callable 2yNC1 step up coupon bond in a self led deal. It pays a quarterly 2.58% coupon for 1 year and is then callable at par on each coupon date from Aug 2023. If not called the coupon steps up to 2.68% in Year 2.

     

  • Credit Suisse sold a SGD0.1m callable 3yNC1 step up coupon bond in a self led deal. It pays a quarterly 2.85% coupon for 1 year and is then callable at par on each coupon date from Aug 2023. If not called the coupon steps up to 2.95% in Year 2 and 3.05% in Year 3. 

     

  • Credit Suisse sold a SGD1m callable 2yNC1 step up coupon bond in a self led deal. It pays a quarterly 2.65% coupon for 1 year and is then callable at par on each coupon date from Aug 2023. If not called the coupon steps up to 2.75% in Year 2.

 

Variable coupon bonds

  • Barclays Bank issued a SGD3.92m 1-year step up coupon bond. It pays a quarterly 2.45% coupon for 3 months then the coupon steps up to 2.55% in Q2, 2.65% in Q3 and 2.75% in Q4.

     

  • Barclays Bank issued a SGD2m 1-year step up coupon bond. It pays a quarterly 2.35% coupon for 3 months then the coupon steps up to 2.45% in Q2, 2.55% in Q3 and 2.65% in Q4.

     

  • Barclays Bank issued a SGD4.65m 1-year step up coupon bond. It pays a quarterly 2.40% coupon for 3 months then the coupon steps up to 2.50% in Q2, 2.60% in Q3 and 2.70% in Q4.

     

  • Standard Chartered Bank sold a SGD3.45m 3-year step up coupon bond in a self led deal. It pays a quarterly 2% coupon in Year 1, then 2.15% in Year 2 and 2.30% in Year 3.

     

  • UBS issued a SGD4.42m 1-year step up coupon bond. It pays a quarterly 2.45% coupon for 3 months then the coupon steps up to 2.48% in Q2, 2.52% in Q3 and 2.55% in Q4.