News
Nordic Investment Bank opened the New Zealand dollar market for primary supply on 16 January with a five-year Kauri. Deal sources say it is a good first transaction for the year and are optimistic more paper will follow, but are also mindful that more Kauri supranational, sovereign and agency supply could be difficult for issuers to justify relative to other global markets.
Three Australian semi-government borrowers syndicated transactions in the week ending 19 January as primary flow broadened. Meanwhile, Banco Santander and Great Southern Bank continued the run of financial sector deals. In New Zealand, Nordic Investment Bank priced the market's first primary deal of the year with a NZ$600 million Kauri.
The KangaNews-Westpac Institutional Bank Corporate Debt Summit 2023 took place in Sydney in mid-October. A record number of delegates gathered to discuss the present and future of the Australian corporate environment, from the economic outlook and business conditions to the forthcoming impact of generative AI. In the mix was a steady but unspectacular corporate bond issuance environment that belies fundamental growth in domestic credit.
The 2023 Commonwealth Bank of Australia Global Markets Conference brought international investors to Australia at a fascinating juncture for the local economy and the fixed-income asset class. While the general view remains that the central bank hiking cycle is close to played out, the market is also coming to terms with the real consequences of a higher for longer environment. Australia is not fully insulated against cold global winds but it also has reasons for optimism.