A flurry of syndicated issuance from the semi-government sector in May exhibited well diversified demand domestically and offshore, dealers say. A preceding adjustment wider in semi-government spreads attracted among the highest offshore participation the sector has witnessed in recent years.
Consistent cadence of new issuance has kept Australian dollar securitisation volume comfortably ahead of record pace so far in 2024. In recent months, issuance diversity – in the form of transaction collateral and renewed activity from bank borrowers – has further demonstrated the health of the asset class.