While the world wrestled with accepting inflation in late 2021, the Reserve Bank of New Zealand led, abandoning QE in July as its economy recovered from the pandemic-induced slowdown. At the KangaNews New Zealand Debt Capital Market Summit in December 2021, a collection of international high-grade market participants shared their perspective on the global economic backdrop and the year ahead.
Intermediaries say execution strategy will play a more important role in international funding for Australian corporate borrowers in 2022 as spreads widen, investor allocations become more selective and new sources of market volatility continue to emerge.
Ausgrid Finance’s euro market return continues its ambition to term out bank debt since privatisation in 2016. Deal sources say the transaction, and Ausgrid’s intentions to be a regular issuer into the market, received significant investor interest.
If Australian corporate engagement with sustainable finance were measured by labelled green, social and sustainability bond issuance, progress remained underwhelming in 2020. However, issuers, investors and other market participants at the KangaNews Sustainable Debt Summit 2020 spoke of deepening commitments to environmental, social and governance risk mitigation.
Ausgrid Finance returned to the Australian dollar market for only its second domestic transaction, on 29 July. The issuer says it saw a window of opportunity to refinance debt ahead of schedule and moved quickly to take advantage of conducive issuance conditions.