Asian Development Bank opens Kauri market but no wave to follow

22 Jan 2010

The Asian Development Bank issued the year’s first Kauri bond on Thursday, a NZ$225m ($160m) four year deal, but bankers said that it was unlikely to lead to a wave of issuance of the product.

"You will see some more Kauri bonds, but not a flood of them," said one banker. "These deals always need good domestic support and that’s a small market. If you’re an international investor and you look at it versus Australia, it’s not very attractive.

"Australia’s always offered a ...

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