Westpac highlights ongoing high-quality demand following domestic benchmark return
Westpac Banking Corporation’s return to the domestic senior benchmark market added A$3.2 billion to the A$2.9 billion printed by National Australia Bank just a few days earlier. While these deal sizes are down on big-four bank domestic records, issuer sources say demand remains strong and high-quality – as evidenced by a substantially oversubscribed book.
Canada delivers one-two provincial punch as Ontario shatters its Kangaroo record
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.
Sydney Airport adds euro benchmark to domestic outcome to deliver ideal blend
Sydney Airport navigated a significant upturn in market volatility to deliver a massively oversubscribed and competitively priced return to the euro market, the deal group says. European investors responded positively to the issuer independent of its recent successful return to Australian dollar issuance, with the domestic deal not even relevant as a comp for euro pricing.
Confidence grows on baseline reliability of Australian corporate market
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.
Read more: Confidence grows on baseline reliability of Australian corporate market
Quantum leap for Canadian provinces as Québec smashes Kangaroo record
Investor diversity, relative value and the growing status of the Australian dollar market lined up for Province of Québec as it shattered the record volume for a Canadian province Kangaroo transaction. The A$1.35 billion, 10-year print was nearly four times larger than any previous deal from the sector – a record that had stood for a decade.