Legislation guaranteeing semi debt passed: triple-A competition heats up

On June 18 the Guarantee of State and Territory Borrowing Appropriation Bill 2009 was approved by the senate, with an amendment from the opposition. Market observers will be watching with interest how the semi-governments and the AOFM work out their issuance plans in an increasingly crowded market and in an environment where both the commonwealth and some state governments have announced substantial increases to their funding volumes.