New Zealand Debt Management’s latest syndicated transaction is its second-largest ever, printed from the biggest book the issuer has ever attracted. The issuer says the tenor hit the sweet spot for breadth of demand, while price discovery was relatively straightforward despite pricing taking place just after the official inflection point for the local rates cycle.

In July, KangaNews and Westpac Institutional Bank gathered Australia’s biggest sovereign and semi-government issuers to discuss their funding needs and strategies. Semi-government spreads have risen and funding tasks remain high, but issuers have plenty of options.

Queensland Treasury Corporation kicked off syndicated issuance for 2024-2025 last week with a A$1.5 billion tap of its July 2036 benchmark, after responding to investor interest for the line. The issuer capped the transaction volume, but notes that market “jitters” on sector supply had cooled by the time it brought the deal.