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The return of major-bank issuance and the latest large benchmark Kangaroo deal from a Canadian province highlighted Australian dollar new issuance as the calendar turned into May. Meanwhile, securitisation flow continued – including in New Zealand.
Province of Ontario broke several records in its return to the Kangaroo market, the second jumbo print from a Canadian province in a matter of days. Leads are confident there is sufficient demand to attract further Canadian issuance in Australia – if pricing and secondary performance stand up.
A few months into 2024, there can be no doubt that the Australian dollar market is demonstrating an all-time best level of demand for corporate transactions, including investor diversity and appetite for extended tenor. Discussion at the KangaNews Debt Capital Market Summit, which took place in Sydney on 18 March, turned to the prospects for this level of support to remain available consistently in future.
With a substantial infrastructure requirement looming and a weak economic environment, the New Zealand capital market will have to be on top of its game in the years ahead. Participants at KangaNews’s annual women in New Zealand capital markets roundtable discussed the issues at hand and how they believe a constructive ecosystem can be developed.
The supranational, sovereign and agency Kangaroo market enjoyed a record start to the year for new issuance, including flow from smaller issuers. Despite ongoing structural challenges for smaller issuers in the sector, there have also been encouraging signs of issuance diversity – including opportunities to print benchmark-sized transactions.