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Capital Markets

Debt markets tighter but holding up

In retirement, Australia can’t turn the tap offl

The Aussie dollar and the overseas investment drive

James Waddell, nabCapital

"US lenders like lending into jurisdictions where they don’t have to get accounts translated and where they speak roughly the same language"
James Waddell, nabCapital

A strange thing has happened in the Australian debt markets this year: people have been issuing in them. "It’s actually quite intriguing," says Peter Christie, executive manager and head of corporate securities origination at the Commonwealth Bank of Australia. "There’s been A$16 billion done in the first quarter, and that would tell you we’re on track for an almost record year." The record, in far more agreeable market conditions, is A$67 billion; last year the total was just A$42 billion. This apparent good health is a little misleading: the range of issuers is dramatically narrower and pretty much hits a wall at a credit rating of AA. In brighter markets, Australia boasts a diverse array of corporate, asset-backed and hybrid debt; today, only the most highly rated names are getting a look in.

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