QTC moves on improved appetite for longer duration
Queensland Treasury Corporation capitalised on increased domestic demand for longer tenor issuance, international appetite for Australian government and semi-government paper, and generally positive market sentiment to print a new 12-year transaction. The issuer says the placement helps smooth and extend its maturity profile.
Kāinga Ora’s exit leaves a hole in New Zealand debt market
Kāinga Ora – Homes and Communities will no longer access funding in its own name, with the agency instead to be funded directly through the New Zealand government. Local market participants say the move is understandable though the loss of a programmatic agency borrower – with a leadership position in the sustainable finance space – will be a blow.
Read more: Kāinga Ora’s exit leaves a hole in New Zealand debt market
Dealers cast net wider for ADB’s 10-year print
A cross-section of international investors supported Asian Development Bank’s latest Kangaroo transaction, particularly in the 10-year notes. While Japanese investors participated, wider spreads attracted a more diverse book of Asia-based accounts, according to lead managers.
WATC takes the initiative with A$1 billion FRN print
Western Australian Treasury Corporation pounced on beneficial pricing dynamics to execute its latest floating rate note, which recorded a final orderbook of more than A$5 billion despite volatility in the FX swap market making price discovery somewhat challenging.
International bid supports CPPIB’s second benchmark Kangaroo
CPPIB Capital’s second Kangaroo transaction benefited from a strong international bid, with investors flocking to the solid yield and the issuer’s commitment to being a programmatic Australian dollar issuer. The borrower says the domestic bid was also strong as local investors continue to grow comfortable with the Canadian issuer.