New primary deals were few and far between during the third week of January, although New Zealand domestic deal flow got under way with a new corporate transaction. ANZ Banking Group explored a new tier-two angle during the week under review, while KangaNews online published the first articles in a series of credit-investor insights which will be rounded out next week.

The second of a series of three articles on the Australian credit outlook, exclusive to KangaNews online, covers buy-side views on the supply pipeline. Supply-side factors have been the dominant driver of corporate issuance in recent years, and investors share their views on pipeline prospects for 2015.

ANZ Banking Group (ANZ) opened the door to a new jurisdiction for tier-two issuance on January 21. The bank and its leads tell KangaNews about a pricing outcome which suggests this new issuance option might provide the best tier-two economics for Australian banks after their domestic market – and with volume which moves the dial on the total requirement.