The pace of early-year SSA Kangaroo issuance in 2024 outstripped all previous records. Whether or not the full year produces record supply once more – and intermediaries have their doubts that the tailwinds of 2023 will remain in place – there are reasons to believe the sector has reached a new level of baseline demand and thus deal flow.

A desire to expand its US dollar curve brought Westpac NZ back to the 144A market for a second transaction. On the way to landing what the issuer believes to be a record-breaking orderbook for a foreign currency deal from a New Zealand borrower, the deal echoed recent financial institution issuance in Australia by deriving early momentum from Asian demand.

Firstmac’s first residential mortgage-backed securities transaction of 2024 featured a substantially scaled lead manager bid and still matched the issuer’s record deal volume, as the securitisation market remains hot in early 2024. The deal upsized beyond the borrower’s expectations and final volume outcome was capped only by asset capacity.