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The last full week of November saw ongoing flow in the Australian primary credit market, highlighted by a seven- and 10-year deal from Coles that attracted a book of more than A$2.5 billion for a A$600 million print. UBS Australia Branch also found ample liquidity for its market return, eventually pricing A$2 billion from a book of more than A$3.4 billion, while New Zealand Local Government Funding Agency kept Australian dollar high-grade supply active with its second Kangaroo deal.

MA Money says it was rewarded for its decision to offer its debut residential mortgage-backed securities transaction as a fully public deal by earlier-than-expected demand from key international accounts. The issuer’s aim is to build a programme that reliably issues once or more a year and with this aim in mind it viewed a relatively early public debut as a key step toward investor diversification.