Cautious optimism starts to emerge in New Zealand debt market
New Zealand intermediaries are optimistic on market momentum but say it may still be some time before the market truly returns to normality. The tone is emerging in the wake of unprecedented volume of supply from 7-17 April as local government-sector borrowers re-entered the syndicated market.
Euro market continues to pay off for Australian corporates
Two more blue-chip Australian corporate borrowers have successfully printed deals in the euro market, despite not being eligible for the EU corporate-sector purchase programme (CSPP). Deal sources say euro investors are demonstrating ongoing appetite for high-quality corporate names.
AOFM sets the tone with record syndication
The Australian Office of Financial Management (AOFM)’s first syndicated deal since the beginning of the COVID-19 crisis and the consequent deluge of fiscal stimulus is a key moment in the Australian market recovery. Deal sources are confident the jumbo volume and broad-based demand signal that large transactions will be possible.
Kāinga Ora rides market support to blockbuster deal
Kāinga Ora – Homes and Communities has become the first New Zealand issuer without direct secondary support from the central bank to print a primary deal in New Zealand since the COVID-19 crisis began. The issuer says demand for the 17 April transaction outstripped expectations, particularly at 10-year tenor.
LGFA says its latest deal demonstrates improving demand in New Zealand
New Zealand Local Government Funding Agency is confident domestic market conditions are improving, supported by an expanded central bank asset-purchase programme. The issuer says its latest transaction is an encouraging sign the market will have capacity for increased supply from New Zealand’s semi-government borrowers.