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After a near two-year hiatus from its home market, Auckland Council elected to use retail format for its latest green-bond transaction. The higher rates environment broadened retail demand, sharpening the pricing outcome for the issuer and illuminating a path that other high-grade issuers may choose to follow.

The supranational, sovereign and agency Kangaroo market provided a steady stream of new issuance in the week ending 22 September, with benchmark issuance accompanied by a flurry of smaller taps. Bank unsecured and securitised flow continued in Australia, while Auckland Council returned to the New Zealand dollar market with a retail-format green bond.

Suncorp Group maintained a recent trend for significantly oversubscribed Australian dollar deals by financial institutions with its return to the domestic tier-two market on 20 September. The issuer notes wide support for the deal despite ongoing uncertainty about the potential acquisition of Suncorp Bank by ANZ Banking Group, saying market depth may reflect fundamental system growth.