The New Zealand Debt Management’s latest bond syndication attracted robust global demand, with a record-sized orderbook of NZ$23.9 billion including solid interest from domestic and global investors. Despite wider swap spreads and elevated supply, the issuer says the deal was absorbed smoothly, reflecting confidence in conditions ahead of key risk events.
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Change of destination for LGFA but foreign-currency focus continues
A larger funding task and domestic capacity issues continue to make foreign-currency curve-building a priority for New Zealand Local Government Funding Agency. But pricing conditions have led to a pivot away from Australian dollars as its main issuance focus – as demonstrated by the agency’s recent debut in the Swiss franc and US dollar markets.