The issuance of Australian dollar bonds and securitisations in 2015 is down around A$12bn (US$8.6bn), or 8.4%, to A$130.7bn from year-ago levels, with most sectors recording significant declines. Among the biggest decliners have been sales of Kangaroo bonds from sovereigns, supranationals and agencies, which suffered a A$5.2bn contraction to A$20.8bn. "This decline reflects a combination of lower absolute and relative rates in Australia, the Australian dollar's weakening trend through 2015, the compression in the Australia/US cross-currency basis swap from around 30 at the start of the year to 18, as well as reduced bank balance-sheet demand for non-high quality liquid assets," said Paul White, head of global syndicate at ANZ.
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