The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

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.

March's A$3.6 billion ($2.3 billion) of corporate-bond issuance was a record. The volume of issuance so far this year is greater than the entire year's in either 1998 or 1997. In April came the rare spectacle of foreign issuers roadshowing, and an influx of triple-B paper, both highly unusual in the Australian market.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree