Australian dollar

The European FIG market rode through 2025 on high demand for credit, providing bank issuers, large and small, with extremely advantageous funding conditions. Although investors have also benefitted from strong secondary market performance, as Atanas Dinov reports, that equilibrium may change in 2026, with anticipation mounting that spreads will widen

With a relentless flow of cash into credit markets this year, almost every borrower could be said to have done well. But some issuers stood out for their ability to establish new footholds in certain markets that have since paved the way for peers

The Australian dollar bond market’s growth has propelled it to be the third most important funding currency for some international bond issuers. Its ability to offer investor diversification and arbitrage funding is attracting an increasing number of issuers from spread-conscious SSAs to banks and companies seeking strategic capital, write Sarah Ainsworth and Atanas Dinov

EDF and Mowi tapped private placements in their home currencies

◆ More foreign capital deals in Australian dollars are 'definitely' expected next year ◆ Offshore issuance to institutional investors preferred ◆ BNPP make substantial savings versus US dollar levels

◆ Deutsche hits euro FIG market 'on fire' ◆ AT1 pays higher than peers ◆ BNP Paribas to follow in Australian dollars soon after UBS broke six year hiatus

Focus on diversification boosts activity across Australian, Canadian and Danish markets and many more

◆ Choosing a window for three year euros ◆ Limited fast money interest was pleasing ◆ Aussie funding for euro issuer has improved

SSAs add cross-currency depth in private placements

Deal opens door for more foreign FIG regulatory capital raising Down Under

Supranationals remain active in US dollars and Aussies, with a tilt to longer tenors

Funding director Louise Bergström on this week's dollar benchmark and future issuance plans