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The first few months of 2024 demonstrated there is ample appetite for high-quality corporate credit across global markets – including in Australian dollars, where new issuance has reached a record level. Market sources say US private placement investors are as keen as ever to access Australian-origin issuers. The question is whether those issuers will be willing to look beyond the domestic value proposition.

Attention in the Australian market turned back to financial institution issuance in the week ending 15 March. Highlights included a A$1.5 billion tier-two Kangaroo from HSBC holdings – which garnered a book of more than A$5.8 billion – and a return to benchmark issuance from National Australia Bank. Meanwhile, South Australian Government Financing Authority issued its inaugural sustainability bond.