A cross-section of international investors supported Asian Development Bank’s latest Kangaroo transaction, particularly in the 10-year notes. While Japanese investors participated, wider spreads attracted a more diverse book of Asia-based accounts, according to lead managers.
The busy start to Australia’s new issuance year continued as high-grade and bank borrowers hurried to take advantage of conducive conditions before an expected slowdown around the early Lunar New Year. Commonwealth Bank of Australia headlined with the largest-ever domestic credit transaction, while supranational, sovereign and agency issuers maintained the pace of Kangaroo supply and opened the Kauri market for 2023.