Asia-Pacific New Issues: Busy Samurais; Westpac USD covered; KfW new Kanga

Samurai
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New Samurai bond issuance has been busy with Lloyds, BGK and Indonesia in the market. Westpac sold covered USD bonds and KRR issued JPY bonds in size.

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  • Key Asia-Pacific New

 

Domestic AUD bonds:

  • Australia Pacific Airport issued via BNPP, Citigroup and GS EUR500m in 4.375% May 24, 2033 with call at par from February 2033.

     

  • Australia Postal Corp sold AUD100m in 4.7637% May 22, 2029 callables with call at par from February 2029. Priced at ASWs + 117bps and leads are NAB and Westpac.

     

  • New South Wales Treasury Corp upsized its existing bond lines as follows:

     

      AUD300m to 1.75%, March 20, 2034 to AUD6.57bn at ACGBs + 63bps.

    • AUD50m to 1.5%, February 20, 2032 to AUD11.36bn at ACGBs + 33.1bps.

    • AUD100m to its existing 4.75% February 20, 2035 bonds to bring the new size to AUD6.85bn.

     

  • NSW Electricity Networks issued AUD250m in 5.77%, May 29, 2030 bonds with call at par from February 2030. Leads are DBA, Mizuho and NAB.

     

  • PACCAR Financial Pty Ltd issued AUD200m in 4.5%, May 25, 2026 callables with call at par from April 2026. Priced at ASWs + 100bps.

     

  • Rabobank Australia branch issued AUD500m in May 22, 2026 FRNs that pay AUD 3M BBSW + 88bps.

     

  • Toyota Finance Australia branch sold AUD50.3m in 4.31%, May 15, 2028 bonds via MUFG.

 

Foreign issuers in AUD bonds:

  • IBRD added AUD410m to its existing 4.2%, April 21, 2033 Kangaroo bond line to bring the new size to AUD1.25bn. Priced at 95.9bps over ACGBs and lead is ANZ.

     

  • IFC upsized its existing Kangaroo bond lines as follows:

     

    • AUD100m to 3.15%, June 26, 2029 to bring the new size to AUD1.25bn. Priced at ACGBs + 54.25bps.

    • AUD25m to 1.25%, February 6, 2031 to AUD850m. Lead is JPM.

     

  • KfW sold a new AUD650m 3.8%, May 24, 2028 Kangaroo bonds at 34bps over ASWs.

     

  • Royal Bank of Canada London branch self-led AUD10m in 5.8%, June 1, 2033.

 

AUD issues in overseas bonds:

  • Macquarie Group sold via TD Securities USD20m in May 24, 2028 FRNs that pay USD O/N SOFR + 160bps.

     

  • Macquarie Group upsized its existing 0.95%, May 221, 2031 eMTNs by EUR25m to bring the new size to EUR625m. Priced at +114.5bps.

     

  • Toyota Finance Australia branch issued USD141.3m in 4.06%, May 15, 2028 bonds via MUFG.

     

  • Westpac Banking Corp sold USD1.75bn in 4.184%, May 22, 2028 Reg S/144A bonds at +72bps.

     

  • Westpac Banking Corp sold USD1.75bn in 4.184% May 22, 2028 covered bonds in 144A/Reg S format at 72bps over USTs. Leads are DBS, HSBC, Lloyds, RBC, TD Securities and Westpac.

 

Domestic JPY bonds:

  • Aichi Prefecture sold via MUFG and Tokai JPY10bn in 0.681%, May 31, 2033 bonds at JGBs + 29bps.

     

  • Fukuoka Prefecture raised JPY40bn via selling bonds in two equal tranches as follows:

     

    • 0.681%, May 30, 2033 at JGBs + 27bps.

    • 1.093%, May 29, 2043 at JGBs + 9bps.

     

  • Hokkaido Electric Power raised JPY35bn via selling the following bonds:

     

    • JPY30bn, 1.030%, May 25, 2033.

    • JPY5bn, 1.550%, May 25, 2043.

     

  • Hokuriku Electric Power issued JPY5bn in 0.9%, May 25, 2033 bonds.

     

  • Hyogo Prefecture priced JPY20bn in 0.701%, May 30, 2033 bonds at JGBs + 29bps.

     

  • Invincible Investment issued the following bonds:

     

    • JPY1.2bn, 1.200%, May 25, 2028.

    • JPY5bn, 1.000%, May 25, 2026.

     

  • Japan Freight Railway is planning to raise JPY10bn via selling 10- and 20-year Green bonds. Pricing is expected in early June and leads are Nomura, Mizuho and MUMSS.

     

  • Japan Railway priced JPY10bn in 0.701%, May 30, 2033 bonds at JGBs + 29bps.

     

  • JEHDR issued the following bonds:

     

    • JPY10bn, 0.815%, May 31, 2038.

    • JPY75bn, 0.155%, May 31, 2028.

    • JPY20bn, 0.201%, May 26, 2027at JGBs + 20.5bps.

    • JPY10bn, 0.934%, May 28, 2038 at JGBs + 21.5bps.

    • JPY10bn, 1.06%, May 26, 2042 at JGBs + 12.6bps.

     

  • JHF sold JPY20bn in 1%, May 29, 2043 bonds.

     

  • Osaka Prefecture issued JPY10bn in 0.188%, May 30, 2028 bonds.

     

  • Starts Proceed Investment Corp raised JPY1.5bn via selling 0.8% May 22, 2028 bonds.

     

  • Shizuoka Prefecture priced JPY10bn in 0.803%, March 20, 2043 bonds at JGBs + 33bps.

     

  • Suntory Holdings sold JPY50bn worth of bonds as follows:

     

    • JPY15bn, 0.389%, May 25, 2028 at JGBs + 27bps.

    • JPY35bn, 0.800%, May 25, 2033.

     

  • Tohoku Electric Power Co issued JPY20bn in 1.600%, May 25, 2045 bonds.

     

  • Tokyo Metropolitan Government priced JPY20bn in 0.657%, March 18, 2033 bonds at JGBs + 28bps.

     

  • West Nippon Expressway raised JPY220bn via selling the following bonds:

     

    • JPY30bn, 0.050%, May 27, 2024.

    • JPY100bn, 0.116%, May 23, 2025 at JGBs + 18.5bps.

    • JPY90bn, 0.390%, May 25, 2028 at JGBs + 28.5bps.

     

  • Yokohama City issued JPY20bn in 1.097%, May 26, 2043 bonds at JGBs + 9bps.

 

Foreign issues in JPY bonds

  • Indonesia raised JPY104.8bn via selling the following Samurai bonds:

     

    • JPY14.7bn, 1.200%, May 24, 2030.

    • JPY37.2bn, 0.980%, May 26, 2028.

    • JPY46.9bn, 0.740%, May 26, 2026.

    • JPY6bn, 1.430%, May 26, 2033.

     

  • KKR Group issued JPY61.5bn worth of 144A/Reg S bonds as follows:

     

    • JPY44.7bn, 1.428%, May 25, 2028 at mid-swaps + 120bps.

    • JPY1.8bn, 1.614%, May 24, 2030 at mid-swaps + 125bps.

    • JPY1.5bn, 1.939%, May 25, 2033 at mid-swaps + 140bps.

    • JPY3bn, 2.312%, May 25, 2038 at mid-swaps + 155bps.

    • JPY4.5bn, 2.574%, May 22, 2043 at mid-swaps + 165bps.

    • JPY6bn, 2.747%, May 23, 2053 at mid-swaps + 175bps.

     

    Leads are BofA, KKR Capital Markets, Mizuho, Morgan Stanley and SMBC Nikko.

     

  • UK-based Lloyds Bank Group Plc sold JPY62bn in May 25, 2029 Samurai bonds that pay 1.352% till the single call at par in May 2028, then 1.1%.

     

  • Polish national development Bank Gospodarstwa Krajowego (BGK) has priced its first ever Samurai bond deal, which is a JPY94bn 1.11%, May 24, 2033 Samurai bond at 55bps over TONAR mid-swaps. Leads are Nomura and Daiwa.

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