Latest News
New Zealand Debt Management increased the cap on the volume it was prepared to take in its latest syndicated tap transaction, having used the same approach for its most recent new line introductory trade. While it printed short of the cap on this occasion, the sovereign issuer suggests it is open to placing more volume via syndication to ease the pressure on its tender schedule.
Australia’s securitisation market has picked up where it left off at the end of a relentless 2024 in which more than A$80 billion of fresh deals came to market. Plenti Finance reopened the market with a new auto-backed deal, attracting a record number of including new buyers as well as further price compression, the issuer says.
Ausgrid’s first deal in the euro market since 2021 refreshed the issuer’s euro curve and also delivered landed cost of funds that the issuer believes to be approximately in line with what would have been achieved from a domestic print. With this marker now in place for Australian corporates in Europe, Ausgrid’s leads suggest follow-on supply is likely.
ANZ’s second turn in the domestic market in 2025 resulted in the lowest differential between three- and five-year bonds achieved by an Australian major bank in more than seven years and reset major bank secondaries, the issuer says. Returning to a dual-maturity structure provided for diverging preferences between domestic and offshore investors.
Australia’s first corporate hybrid transaction of 2025 demonstrates the ongoing bid for higher-yielding paper in the local market, deal sources say – demand that has been heightened by the phase-out of bank additional tier-one supply. Although follow-up supply is likely to be restricted to a handful of names with specific funding and capital needs there is confidence that more issuance in this format will follow.
More positive tone on Queensland Treasury Corporation paved the way for the issuer to return to the syndicated market with a substantial new floating-rate note line in early February. The state treasury corporation recently had its current and future year funding tasks increased but says the initial response has settled and investors were supportive of its new deal.