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Late year investor engagement and strong fundamentals helped ANZ Banking Group to gather what it believes to be the equal largest book for an Australian dollar tier-two trade. The borrower says interest in the asset class continues to grow even after a successful 2023 for subordinated debt issuance.

Financial institution borrowers made the most of a conducive early-year market in Australian dollars and printed a combined A$9.9 billion in the week ending 12 January – spearheaded by Westpac Banking Corporation’s A$5.1 billion senior and a A$2.285 billion tier-two transaction from ANZ Banking Group. Meanwhile supranational, sovereign and agency Kangaroo issuance continued with trades from Asian Development Bank and Inter-American Development Bank.

Westpac Banking Corporation says domestic liquidity levels and pricing are positive at the start of 2024, continuing the trend from last year. The bank kicked off issuance from domestic borrowers with a senior three- and five-year A$5.1 billion (US$3.4 billion) trade priced on 8 January.