1987 – Year of the shrinking market?
The Commonwealth of Australia’s needs in international markets for the year to June 1987 indicate net new borrowings offshore of the equivalent of just A$1 billion–roughly in line with the 1985/86 programme.
Rollover of some existing long-term foreign loans, and early call options coming available on others, will add a further A$1 billion each to the Commonwealth’s needs.
It appears that about A$2 billion of this total has been completed, leaving A$1 billion to do in the first part of 1987.
Of the early call options, a Deutschemark issue and two yen raisings have already been refinanced.
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