News

The scale of demand for New Zealand Local Government Agency’s first-ever Australian dollar deal allowed the borrower to become just the second high-grade issuer to debut in the Kangaroo market with a transaction of A$1 billion (US$675.1 billion) or more. The issuer elected to execute during a quiet period for Australian dollar new issuance and was rewarded with pricing that is says is highly competitive with – and had a tightening impact on – its domestic curve.

Securitisation provided the only benchmark-sized issuance volume as the Australian dollar market remained quiet moving into late July. Retail-format issuance also provided the only primary flow in New Zealand, as Infratil set the interest rate on a new six-year deal.