The Australian Office of Financial Management (AOFM)’s first syndicated deal since the beginning of the COVID-19 crisis and the consequent deluge of fiscal stimulus is a key moment in the Australian market recovery. Deal sources are confident the jumbo volume and broad-based demand signal that large transactions will be possible.
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SAFA makes defensive pivot in market reopener
South Australian Government Financing Authority took a conservative approach to funding, opting for a defensive, short-dated floating-rate deal instead of a longer-dated transaction to reopen the Australian primary market on 14 April, after days of market inactivity. The transaction triggered a spree of new deal announcements, including from CPPIB Capital, which will return to the Kangaroo market to price an October 2028 bond on 16 April, and Australian Capital Territory, which is set to test investor appetite for duration with a new October 2035 line.