The Australian primary market continued to crank out deal flow in the week ending 17 May. British Columbia priced a 10-year A$1 billion Kangaroo – becoming the fourth Canadian province to issue a substantial Kangaroo benchmark in quick succession – while Auckland Council priced its first Kangaroo deal since 2017, with a significant step up in volume at A$500 million.

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.