May 1999
Australia: After the gold rush
Money from pension funds is fuelling a boom in
corporate bond issuance. But long-dated bonds and equities are lagging. Hans van Leeuwen reports
Sydney seeks financial-centre status
| Australian domestic bond issues 1999 |
| Month |
Issuer |
Amount (A$m) |
Credit rating |
| Jan |
GMAC |
50 |
A |
| Jan |
AMP Bank |
200 |
AA/A2 |
| Jan |
Suncorp Metway |
250 |
A- |
| Jan |
Newcourt |
75 |
BBB |
| Feb |
CommonwealthBank |
185 + 115 |
A+ |
| Feb |
Case Credit |
125 + 50 |
A |
| Feb |
ANZ |
300 |
AA- |
| Feb |
Westpac (sub) |
215 + 85 |
A+ |
| Mar |
Schroders Property Fund |
100 |
A- |
| Mar |
St George |
300 |
A |
| Mar |
Ford Credit |
100 |
A |
| Mar |
Sydney AirportCorp |
400 |
A+ |
| Mar |
National Australia Bank |
350 |
AA |
In the gold rush of 19th-century Australia, it seemed as if the country was made of money: one person squatting by a river would pan some gold and within weeks an industry of prospectors had set up camp. The 1999 corporate bond market in Australia has some similarities: as if from nowhere a thriving capital market has arisen and every week a pioneering issue is made that others quickly follow.
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