There was some financial institutions action in the AUD market this week with J.P. Morgan pricing a A$900 million 5-year dual-tranche Kangaroo and BEN pricing a A$400 million 3-year domestic debut as a merged entity. NZDMO sold a NZ$2.5 billion indexed syndicated issue successfully. AOFM updated issuance forecast post MYEFO. Ratings outlooks on NSW and WA were also surprisingly revised to negative.