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New Zealand Debt Management landed another record for its syndicated issuance, this time for the largest orderbook of any New Zealand government bond deal in the primary market. The issuer says the NZ$31.3 billion of bids – which is also where demand peaked – demonstrates that the theme of exceptional demand for New Zealand sovereign debt in 2025 continues to play out as new investors flock to books and longstanding buyers place larger bids.

ColCap’s latest Triton residential mortgage-backed securities transaction includes a substantial social tranche. Roughly a third of the transaction comprises investment loans related to Australia’s National Disability Insurance Scheme, in a move the issuer describes as “truly social”.

Rabobank Australia’s return to the domestic attracted a nearly three times oversubscribed orderbook. The issuer says ample buy-side liquidity and limited supply of repo-eligible securities created an execution environment that facilitated pricing significantly tighter than initial guidance.

High-grade syndication was the focus as the mid-year new-issuance slowdown started to take effect. New Zealand Debt Management garnered a substantial book for its 2031 tap while Queensland Treasury Corporation priced a 2029 floating-rate note. Rabobank Australia was the largest issuer outside the sovereign sector, adding a new dual-tranche five-year senior deal.