New Zealand dollar

Australia and New Zealand launched their first syndications of their 2020-21 fiscal years on Monday.

The New Zealand treasury has appointed the banks to lead the syndication of a May 2041 nominal bond, which is expected to take place next week.

The Nordic Investment Bank dropped into a busy Kauri market that has so far seen NZ$1.3bn ($835.8m) of SSA deals this month.

The New Zealand Debt Management Office has announced the tenors for the first syndications of its 2020-21 fiscal year, following on from last week’s record-breaking deal.

The Nordic Investment Bank raised NZ$400m ($260.9m) with its return to the Kauri market on Tuesday, as it prepares to wind down its funding ahead of the summer break.

Kommunalbanken snagged NZ$500m ($324.5m) on Friday with the second largest Kauri bond of the year. Interest in the New Zealand dollar is high, with NZ$1.1bn worth of SSA Kauri deals printed so far this month — and more are set to follow.

New Zealand attracted record demand for its largest ever bond as it tapped the market with a four year syndication on Tuesday. With the government facing an elevated funding programme in 2020-21 to combat the effect of the coronavirus pandemic, there is a feeling that record-breaking deal sizes will become more common a spectacle.

New Zealand hit screens on Monday morning with a new syndicated bond, its third of the 2019-20 fiscal year.

Finland’s Municipality Finance returned to the domestic New Zealand dollar bond market on Friday after a long absence, to raise its largest Kauri bond since 2008.

Norway’s Kommunalbanken returned to the domestic New Zealand dollar market after a two year absence on Wednesday with its largest Kauri deal since its debut.

Australia smashed its syndication record with a bumper A$19bn ($12.2bn) bond issue that attracted A$53.5bn of orders on Wednesday, while New Zealand set a record of its own as it upped its 2020-21 borrowing programme to NZ$60bn ($35.8bn).

The European Investment Bank inaugurated its sustainability awareness bond (SAB) framework in Australian dollars on Tuesday, while on Wednesday NRW.Bank printed the largest SSA Kangaroo so far this year.