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.
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SAFA makes defensive pivot in market reopener
South Australian Government Financing Authority took a conservative approach to funding, opting for a defensive, short-dated floating-rate deal instead of a longer-dated transaction to reopen the Australian primary market on 14 April, after days of market inactivity. The transaction triggered a spree of new deal announcements, including from CPPIB Capital, which will return to the Kangaroo market to price an October 2028 bond on 16 April, and Australian Capital Territory, which is set to test investor appetite for duration with a new October 2035 line.
Kiwis of all stripes flock offshore in search of pricing and liquidity advantages
New Zealand borrowers are increasingly heading offshore to fund as foreign markets offer up pricing and size outcomes that in many cases outperform those available at home. With at least seven foreign currency deals hitting screens in recent weeks, the pipeline shows no sign of slowing down – and some issuers even say future activity may not be restricted to senior format.