Offshore goes down market

It looks like third time lucky

Hybrids and marsupials

The international capital markets have long been the natural arena for Australia’s biggest and best-rated companies seeking to raise debt. Traditionally the offshore markets have offered cheaper funding than the domestic market (although this is changing) and it was much easier to bed down really big issues overseas than domestically.

The drawback to those markets was that they were once considered out of the reach of all but the largest companies, whose names would be familiar to international fund managers.