Toyota Finance Australia says executing at the very start of the year was a key aspect of its return to the euro market after an almost two-year hiatus, as it aimed to price before deal flow picks up in the weeks ahead. The issuer priced €1.15 billion (US$1.3 billion) of three- and six-year bonds on 5 January, a notably early start for Australian corporate issuance.
The lingering impact of fiscal stimulus continued to support a structurally altered Australasian debt market in 2021, transaction data from the KangaNews deal database show. Corporate and securitisation issuance capitalised on the absence of major-bank supply, while sustainability-aligned deal flow reached new heights.
Answering a referral from the federal treasurer, the Australian parliament’s tax and revenue committee published a report in October 2021 with 12 recommendations designed to kickstart a local retail corporate bond market. Market participants – including several who appeared at committee public hearings during the pre-report inquiry – are cautiously optimistic about the outcome.