News
The Australian securitisation market enjoyed a rebound year in 2023, printing record volume including an unprecedented level of collateral diversity and a notable uptick in bank issuance. It is not all plain sailing in the nonbank lender space, but origination conditions and the funding side appear to be improving.
Deals from New Zealand issuers in the Australian market revved up in a big way in 2023. There are a raft of reasons why the Kangaroo market should remain attractive to opportunistic New Zealand borrowers into 2024 – provided market fundamentals, including basis swap dynamics, are supportive.
Australian dollar corporate supply in 2023 was hampered by uncertainty amid a higher interest-rate environment and a lack of immediate funding need. This caused some issuers to hold off entirely, while others accessed more competitive offshore capital markets. But by year-end, early signs pointed to a more active 2024.