News
CPP Investments defied a recently sluggish high-grade Kangaroo market to record the second highest volume of any Australian dollar print by a supranational, sovereign and agency (SSA) borrower this year. Deal sources say the transaction speaks to an improving market tone and interest in the borrower’s profile, as well as an extension in duration demand to five years.
New Zealand Debt Management says its recent inflation-indexed bond tap – its first syndicated linked deal for more than five years – uncovered interest from new and offshore investors sufficient to support a significant oversubscription. The tap and simultaneous repurchase of the 2025 linker follow changes to the tendering process, which together should help reinvigorate the asset class, according to market participants.