After a near two-year hiatus from its home market, Auckland Council elected to use retail format for its latest green-bond transaction. The higher rates environment broadened retail demand, sharpening the pricing outcome for the issuer and illuminating a path that other high-grade issuers may choose to follow.
The supranational, sovereign and agency Kangaroo market provided a steady stream of new issuance in the week ending 22 September, with benchmark issuance accompanied by a flurry of smaller taps. Bank unsecured and securitised flow continued in Australia, while Auckland Council returned to the New Zealand dollar market with a retail-format green bond.