Borrowers raised A$16.9 billion (US$10.5 billion) of fresh issuance in the Australian dollar primary market since funding reopened on 2 January. This includes a new supranational, sovereign and agency (SSA) record, after CPPIB Capital's A$2.5 billion Kangaroo. SSAs dominated deal flow and totalled A$10.1 billion – significantly more than the A$7 billion in the same period of 2024. Most opted for five-year paper bar a 10-year trade from Asian Development Bank and 7.5-year bond from Canadian province British Columbia.