In the wake of the first Reg S-only transaction issued off its newly signed EMTN programme, Lendlease tells KangaNews that execution was based on a desire to widen investor access ahead of future funding needs rather than a one-off judgement on pricing or other factors. Asian Reg S demand is solid, Lendlease's lead managers add, but conducive conditions in competing markets lead them to believe a significant step up in Australian-origin Reg S deal flow is unlikely.