Asia-Pacific New Issues: Lloyds 6y Kangas; Busy domestic JPY bond issuance

Russia gas pipe 11 Oct 2021
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Domestic JPY bond market saw some good amount of new issuances. Lloyds in 2-tranche 6y Kangas and CA is planning an inaugural Kangaroo bond offer.

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Foreign issuers in AUD bonds:

  • BNG has priced an upsize worth AUD95m to its existing July 21, 2032 Social Kangaroo bonds to bring the new size to AUD830m. Priced at ASWs + 55bps.

     

  • Credit Agricole is planning an inaugural Kangaroo bond offer. It has mandated NAB and itself to arrange a non-deal roadshow in Melbourne on March 28 and Sydney on March 29 and 30.

     

  • Korea Housing Finance Corp has mandated HSBC, Nomura and UBS to arrange a possible 3-5y fixed- and/or floating-rate AUD denominated bond offer.

     

  • Lloyds Bank raised AUD600m via selling the following March 17, 2029 Kangaroo bonds with single call at par in March 2028:

     

    • AUD200m, paying AUD 3M BBSW + 200bps.

    • AUD400m, 5.802%.

     

  • Nederlandse Waterschapsbank (NWB) added AUD40m to its existing 2.5%, July 27, 2032 Kangaroo bonds to bring the new size to AUD190m. Priced at 59.5bps over ACGBs.

     

  • Toronto-Dominion Bank raised AUD2.5bn via selling the following March 16, 2026 covered bonds:

     

    • AUD950m, 4.5%.

    • AUD1.55bn paying AUD 3M BBSW + 70bps.

     

    Leads are ANZ, CBA, NAB, Nomura, TD Securities and Westpac.

 

Aussie issuers in foreign bonds:

  • ANZ issued the following foreign currency bonds:

     

    • SGD100m, 4.18%, March 14, 2024 via Natix.

    • USD100m, 5.675%, March 14, 2024 via ANZ.

     

  • CBA New York branch issued USD1bn in 5.316% March 13, 2026 bonds at 70bps over USTs.

     

  • CBA sold USD1.5bn worth of March 13, 2026 bonds as follows:

     

    • USD1bn, 5.316% at 60bps over USTs.

    • USD500m Reg S FRNs paying USD O/N SOFR + 75bps.

     

    Leads are BofA, Citigroup, GS and JPM.

     

  • NBN Co Ltd raised EUR1.35bn via selling the following bonds:

     

    • EUR750m, 4.125%, March 15, 2029 at mid-swaps + 85bps with make whole call at 25bps until January 2029 and single call at par in December 2028.

    • EUR600m, 4.375% March 15, 2033 with make whole call at 25 until December 32 and single call at par in December 2032. Priced at 115bps over mid-swaps.

     

  • Westpac issued via ANZ CNY100m in 3.5%, March 10, 2026 Dim sum bonds.

 

Domestic AUD issues

  • CBA self-led AUD1.75bn in March 15, 2038 callables that pay 6.704% till the single call at par in March 2023, then AUD 3M BBSW + 245%.

     

  • Liberty Financial sold AUD175m in March 16, 2028 senior unsecured FRNs that pay AUD 3M BBSW + 380bps. Leads are Barrenjoey, DB, NAB and Westpac.

     

  • Nationwide Building Society raised AUD450m via selling 5.35% March 15, 2028 Kangaroo bonds at 147bps over ASWs. Leads are RBC, TD securities and UBS.

     

  • SAFA added AUD73m to its existing June 16, 2027 FRNs to bring the new size to AUD1.258bn. The deal pays 31bps over O/N RBA cash rate.

     

  • New South Wales Treasury Corp upsized its existing 2%, March 8, 2033 bonds by AUD50m to AUD9.7945bn

     

  • UOB Sydney branch raised AUD1.5bn via selling March 16, 2026 fixed- and floating rate notes in two equal tranches, paying 4.642% and 73bps over AUD 3M BBSW respectively.

 

Domestic JPY issues

  • Aichi Prefecture issued JPY10bn in 0.750%, February 24, 2033 bonds at JGBs + 25bps.

     

  • Akita Prefecture priced JPY10bn in 0.75%, December 20, 2032 bonds at 25bps over JGBs.

     

  • Central Glass Co sold JPY8bn in 0.35%, March 13, 2026 bonds.

     

  • Chiba City priced JPY5bn in 0.750%, March 20, 2032 bonds at JGBs + 25bps.

     

  • Chiba Prefecture priced JPY20bn in 0.750%, December 25, 2033 bonds at JGBs + 25bps.

     

  • Chubu International Airport issued the following bonds:

     

    • JPY15bn, 0.26% March 17, 2028.

    • sold JPY8.1bn, 0.700%, February 17, 2033.

     

  • Daiei Real Estate issued JPY2.5bn in 1.200%, February 09, 2028 bonds.

     

  • Electric Power Development Co Ltd sold JPY10bn in 0.872%, February 31, 2029 bonds. Priced at JGBs + 50bps.

     

  • Fukuoka City priced JPY10bn in 0.75%, March 28, 2033 bonds at JGBs + 25bps.

     

  • Fukuoka-Kitakyushu Expressway raised JPY7bn via selling the following bonds:

     

    • JPY2bn, 0.760%, March 18, 2033 at JGBs + 26bps.

    • JPY5bn, 0.601%, February 19, 2030 at JGBs + 20bps.

     

  • Haseko Corp sold JPY30bn worth of bonds as follows:

     

    • JPY10bn, 0.569%, March 15, 2028 at JGBs + 35bps.

    • JPY20bn, 0.290%, February 13, 2026.

     

  • Hiroshima Prefecture priced JPY10bn in 0.750%, February 24, 2033 bonds at JGBs + 25bps.

     

  • Hokkaido Prefecture raised JPy10bn via selling 0.334%, March 24, 2028 bonds at 12bps over JGBs.

     

  • Japan Metropolitan Fund Investment Corp sold via Mizuho JPY4bn in 0.85%, March 15, 2030 bonds.

     

     

  • JEHDR sold JPY10bn in 1.259%, March 31, 2043 bonds.

     

  • JFC raised JPY20.9bn via selling the following bonds:

     

    • JPY10.9bn, 0.354%, March 10, 2028 at JGBs + 14bps.

    • JPY10bn, 0.116%, February 10, 2026 at JGBs + 12bps.

     

  • JFM priced JPY24bn in 0.750%, March 28, 2033 bond at JGBs + 25bps.

     

  • JIC issued JPY20.5bn in 0.090%, March 20, 2024 bonds.

     

  • Kajima Corp sold JPY10bn in 0.554% March 16, 2028 bonds at JGBs + 32bps.

     

  • KPP Group Holdings Co Ltd issued JPY10bn in 1.120%, March 09, 2028 bonds.

     

  • Kyoto City priced JPY10bn in 0.334%, March 22, 2028 bonds at 12bps over JGBs.

     

  • Major Joint Local Bond issued JPY102bn in 0.75%, March 25, 2033 bonds at 25bps over JGBs.

     

  • Mitsubishi Chemical Group Corp raised JPY28bn via selling the following bonds:

     

    • JPY18bn, 1.18%, March 15, 2033.

    • JPY10bn, 0.579%, March 15, 2028 at JGBs + 35bps.

     

  • Nagoya City issued JPY15bn in 0.750%, March 24, 2033 bonds at JGBs + 25bps.

     

  • Nankai Electric Railway priced JPY10bn in 0.629%, February 09, 2028 bonds at JGBs + 41bps.

     

  • Nippon Steel raised JPY50bn via selling the following bonds:

     

    • JPY20bn, 1.150%, February 18, 2033.

    • JPY30bn, 0.564%, February 17, 2028 at JGBs + 35bps.

     

  • Okayama Prefecture raised JPY10bn via selling 0.75%, March 31, 2033 bonds at JGBs + 25bps.

     

  • Organization for Promoting Urban Development sold JPY10bn in 1.183% March 23, 2043 bonds.

     

  • Osaka Prefecture sold JPY20bn in 0.777%, March 30, 2033 bonds.

     

  • Shizoka Gas Co sold JPY5bn in 0.990%, February 15, 2033 bonds.

     

  • Shizuoka Prefecture raised JPY20bn via selling bonds in two equal tranches as follows:

     

    • 0.304%, February 20, 2027 at JGBs + 12bps.

    • 0.750%, April 20, 2032 at JGBs + 25bps.

     

  • Sumitomo Osaka C priced JPY5bn in 0.669%, February 09, 2028 bonds at JGBs + 45bps.

     

  • Tohoku Electric Power Co raised JPY15bn via selling the following bonds:

     

    • JPY10bn, 1.280%, February 25, 2033.

    • JPY5bn, 1.640%, March 25, 2043.

     

  • Tokyo Metropolitan Government priced JPY30bn in 0.740%, February 20, 2032 bonds at JGBs + 24bps.

     

  • Toyobo Co priced JPY20bn in 0.634%, February 09, 2028 bonds at JGBs + 42bps.

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