Deal flow in the Australian market continued at a good clip for the third week running with issuance from a range of Kangaroo and local borrowers. The New Zealand market saw a pickup with deals from Contact Energy and a resumption of Kauri issuance. The most significant deal this week was the Australian Office of Financial Management's jumbo new syndication.

After its longest period without a deal so far in 2013 – nearly three weeks, according to KangaNews data – the Kauri market resumed on May 23 as Nordic Investment Bank (NIB) (AAA/Aaa) priced an increase to its five-year bond. Overall the Kauri market remains on record pace, with NZ$3.825 billion (US$3.1 billion) now priced this year, and a solid second half could see the all-time annual issuance record broken.

On May 23, Bank of Queensland (BoQ) (BBB+/Baa1/BBB+) priced a new three-year transaction in the Australian market. According to KangaNews data BoQ priced its previous domestic senior unsecured issue in November last year, a three-year floating rate note with volume of A$250 million (US$245.3 million) and pricing of 160 basis points over bank bill swap.

On May 23, Kommunalbanken Norway (KBN) (AAA/Aaa) priced a new five-year Kangaroo line – the 15th mandate in the Kangaroo market in May to date. According to KangaNews data, KBN priced its previous issue in April this year with a volume of A$200 million (US$195.55 million) and pricing of 136.75 basis points over Australian government bond.

Downer Group Finance (Downer) – the issuing entity of Downer EDI (BBB-) – priced a new issue of five-year maturity Australian dollar notes on May 22 in the issuer’s first domestic public bond transaction since 2009. The transaction also suggests growing momentum in the Australian dollar market for lower triple-B rated issuers: according to KangaNews data it is the fourth such deal to launch so far this year following just one in full-year 2012.