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Deal sources say AusNet Services’ success in placing a substantial 10-year Australian dollar transaction – with a significant oversubscription and minimal new-issue concession – reflects borrower specifics and momentum in the execution process rather than a widespread positive corporate issuance tone. A large bid from Asia drove the outcome but investors generally remain highly selective.

Another active week in the Australian debt market saw deal flow in the global supranational, sovereign and agency, financial institution, corporate and securitisation sectors, with investors willing to extend primary market liquidity despite further event risk in the form of the US debt ceiling row.