News

The Australasian primary market picked up the pace in the week ending 11 November. Deal highlights included Kommunalbanken Norway's A$300 million (US$198 million) Kangaroo green bond and the Australian Office of Financial Management's A$14 billion syndicated Treasury bond. Securitisation flow continued with four Australian dollar prints.

Offshore investors drove the execution of the Australian Office of Financial Management’s latest syndication, including Asian accounts taking one-third of the book. Market participants say the Reserve Bank of Australia easing back on its hiking path is helping entice international accounts back to the Australian dollar primary market.

The days of Kāinga Ora – Homes and Communities as a standalone bond issuer are over as the New Zealand government announced on 11 November that the public housing agency’s future debt requirements will be funded directly by the sovereign, via New Zealand Debt Management.

International Finance Corporation says the Reserve Bank of Australia’s 25 basis point interest rate hike on 1 November opened an Australian dollar issuance window. The A$900 million transaction is the issuer’s largest Kangaroo deal for more than a decade and its first green bond in the Australian dollar market.