Auckland Council significantly increased the volume of its latest Kangaroo transaction, offering benchmark size in a more widely distributed transaction for the first time. The issuer says it hopes to expand its Australian dollar investor base over time, with the issuer motivation originating in a larger funding task.

After a near two-year hiatus from its home market, Auckland Council elected to use retail format for its latest green-bond transaction. The higher rates environment broadened retail demand, sharpening the pricing outcome for the issuer and illuminating a path that other high-grade issuers may choose to follow.