New Zealand Debt Management increased the cap on the volume it was prepared to take in its latest syndicated tap transaction, having used the same approach for its most recent new line introductory trade. While it printed short of the cap on this occasion, the sovereign issuer suggests it is open to placing more volume via syndication to ease the pressure on its tender schedule.
More positive tone on Queensland Treasury Corporation paved the way for the issuer to return to the syndicated market with a substantial new floating-rate note line in early February. The state treasury corporation recently had its current and future year funding tasks increased but says the initial response has settled and investors were supportive of its new deal.