Thinking in global markets is turning hard to the nature of the looming inflection point for monetary policy. Central banks may not cut, or at least not far, unless the pain being felt in global economies metastasises into unemployment and other symptoms of spare capacity. Despite this uncertainty – and many others – issuers were able to make hay in H1, including in an Australian market that has experienced unprecedented scale and consistency of demand. Participants at the annual ANZ-KangaNews global funding roundtable, which took place in London in June, surveyed the landscape.

Monetary, market and geopolitical conditions continue to shift at a heightened pace. But global supranational, sovereign and agency issuers say their approach to debt issuance and other positive factors – including conducive conditions for Australian dollar supply – allow them to stay ahead of the curve.