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The Crédit Agricole CIB-KangaNews roundtable featured many of Australia’s most active global borrowers. Their perspectives on market conditions in 2024 span the globe, including all its main credit investor bases.
The Crédit Agricole CIB-KangaNews roundtable featured many of Australia’s most active global borrowers. Their perspectives on market conditions in 2024 span the globe, including all its main credit investor bases.
The Crédit Agricole CIB-KangaNews roundtable featured many of Australia’s most active global borrowers. Their perspectives on market conditions in 2024 span the globe, including all its main credit investor bases.
The Crédit Agricole CIB-KangaNews roundtable featured many of Australia’s most active global borrowers. Their perspectives on market conditions in 2024 span the globe, including all its main credit investor bases.
The Crédit Agricole CIB-KangaNews roundtable featured many of Australia’s most active global borrowers. Their perspectives on market conditions in 2024 span the globe, including all its main credit investor bases.
The question of where the A$43 billion currently allocated to Australian banks’ additional tier-one securities will land has been discussed in the financial press in a manner that brings to mind a group of feckless offspring carving up an inheritance. The impact of the demise of this asset class will in all likelihood be minimal in the context of Australian dollar capital markets – but it is part of a wider trend toward retail and retail-adjacent allocation to fixed income.
With just two out of the first five syndicated semi-government deals priced in early 2025 coming from the three largest state government issuers, Australia’s smaller state and territory borrowers have seized a window of opportunity to make progress on their funding tasks – despite choppy conditions in the global rates market.
Investors packed into the first deals of the new year from Australia’s major banks – at home and in global markets – despite spreads verging on historically tight levels. Issuers say tailwinds from 2024 continued to underpin demand, provided execution was managed well in a particularly busy global primary market.
Global high-grade issuers burst out of the gates in the first few trading days of 2025 to print A$10.1 billion of new bonds in the first few days of the year. Records abound for issuers and market participants remain optimistic about demand from global investors, though even in mid-January deal sources predicted a dialling-back of near-term supply.
This report presents new research and deep insight into the specific motivations and likely course of development of institutional investor engagement with sustainable finance in Australia. It delivers research and conclusions about the bond and securitisation markets, including the drivers of recent growth and the outlook, investment rationale and strategy, primary and secondary liquidity, the influence of private credit, and product features and preferences.
For the Australian market, 2024 delivered record deal flow across a number of segments and – perhaps even more significantly – promising signs of issuer and investor diversity. The story was different in New Zealand but even there the market was able to digest an unprecedented volume of supply. It is a good moment to ask what would qualify as consolidation and further enhancement of this success in 2025.