News

The Australian primary market continued to crank out deal flow in the week ending 17 May. British Columbia priced a 10-year A$1 billion Kangaroo – becoming the fourth Canadian province to issue a substantial Kangaroo benchmark in quick succession – while Auckland Council priced its first Kangaroo deal since 2017, with a significant step up in volume at A$500 million.

Auckland Council significantly increased the volume of its latest Kangaroo transaction, offering benchmark size in a more widely distributed transaction for the first time. The issuer says it hopes to expand its Australian dollar investor base over time, with the issuer motivation originating in a larger funding task.

With a substantial infrastructure requirement looming and a weak economic environment, the New Zealand capital market will have to be on top of its game in the years ahead. Participants at KangaNews’s annual women in New Zealand capital markets roundtable discussed the issues at hand and how they believe a constructive ecosystem can be developed.