While not the biggest transaction of the year, deal sources say Goodman Australia Partnership’s return to the domestic market is still a significant trade. Coming after a four-year absence – and from a sector that has been less active in 2024 – the deal still attracted a nearly five-times oversubscription and in doing so demonstrated the breadth of local demand.

ING Bank Australia injected covered bond supply into the Australian dollar primary market on 12 November after over a year of no issuance in this format. Deal sources say the issuer achieved an outsized price revision comparable to tightening in the euro and sterling covered-bond markets though there are mixed views on whether the transaction might prompt further supply in the asset class in the near term.