Deal and ratings review, week ending September 16 2011
The week ending September 16 saw the first non-government domestic deal flow in the Australian market since late July, with two new credit issues pricing. Semi-government issuance remained at a trickle with one new deal completed, while the New Zealand primary market also saw one new bank transaction.
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Australian domestic credit market close to record issuance drought
Three more days without domestic credit issuance will see the Australian bond market surpass its longest deal flow drought of the crisis era. No new transactions have priced – outside the semi-government, and supranational, sovereign and agency (SSA) Kangaroo sectors – in Australia since July 22 this year and aggregate annual volume has fallen behind record levels for the first time in 2011.
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