A mid-week public holiday for Anzac Day in Australia and New Zealand made for modest deal flow in the week ending 26 April. High-grade issuers dominated Australia's primary market, including a A$1.35 billion Kangaroo from Province of Québec. Meanwhile, Rabobank New Zealand added NZ$150 million to its April 2027 floating-rate notes.
Investor diversity, relative value and the growing status of the Australian dollar market lined up for Province of Québec as it shattered the record volume for a Canadian province Kangaroo transaction. The A$1.35 billion, 10-year print was nearly four times larger than any previous deal from the sector – a record that had stood for a decade.