News

Australian primary market issuance continued in the run-up to the lunar new year holiday. Highlights included World Bank's third Kangaroo this calendar year – bringing the issuer's total in Australian dollars to A$3.65 billion – and a public benchmark return from CAF – Development Bank of Latin America. The New Zealand market was quiet following the Waitangi Day public holiday on 6 February.

Volkswagen Financial Services Australia opened the Australian dollar market for corporate issuers in 2024 with its largest deal by volume in more than four years. The deal was 1.4 times oversubscribed and achieved a good pricing outcome, the issuer says.

Plenti Finance is the first issuer to test the Australian dollar market’s support for nonmortgage asset-backed securities in 2024. Deal sources say there was robust support for Plenti’s offering with high coverage ratios across all tranches that allowed significant scaling of the lead manager bid.