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With minimal deal activity on both sides of the Tasman Sea, the Kauri market produced greater volume than either the Kangaroo or Australian domestic businesses. Bank of New Zealand and TD Securities (TD) shared the top line of this week's new Kauri transaction but volume was not enough to dislodge ANZ from the top of the league table.
Despite recent renewed volatility, the Australian bond market has demonstrated renewed consistency so far in 2008, with just a single week – the first of the year – passing with no issuance activity. In a 52 week period to June 6 2008, by contrast, a total of 10 weeks saw a silent primary market for both domestic and Kangaroo issuers.
Retail demand, always significant in domestic hybrid transactions, accounts for a large majority of the Macquarie Group (Macquarie) A$600 million (US$572.22 million) convertible preference security (CPS) transaction which completed its bookbuild on June 4.
Large deal sizes continue to be a feature of the Australian market in 2008 in the wake of Royal Bank Scotland Australia's combined A$1.125 billion (US$1.07 billion) multi-tranche issue from May 29. The double-maturity transaction is the 10th time an Australian issuer has brought over a billion dollars in one go so far this year.