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A primarily domestic bid was enough to deliver a roughly two-times oversubscription to Queensland Treasury Corporation’s return to syndicated issuance. With limited new-issuance windows before year end, the state treasury corporation brought its latest deal in close proximity to other government-sector bookbuilds but says the deal cluster supported investor confidence rather than diluting liquidity.
Orderbook volume was the star of the week ending 20 October. Primary flow opened with a new 30-year line from the Australian Commonwealth, trailed by semigovernment borrowers Tasmanian Public Finance Corporation and Queensland Treasury Corporation. Meanwhile, Commonwealth Bank of Australia and QBE Insurance Group found robust demand for tier-two prints.
Commonwealth Bank of Australia’s latest tier-two transaction was the tightest pricing achieved for a security of its type in the domestic market since April 2022. The borrower says it sought to take advantage of a promising market window and a relative dearth of new tier-two supply in recent weeks.
