Opinion
Macquarie secures record demand for bonds
Investors are retreating from illiquid assets in favour of high-yielding bank bonds.
Christopher JoyeColumnistOne of the biggest thematics in recent times has been a shift in asset-allocation from large institutional investors, including pension and sovereign wealth funds, out of illiquid assets and equities paying miserly risk premiums into high-grade bonds offering the best yields in decades.
This has been clear in the enormous book-builds reported by domestic issuers. In January, ANZ printed the largest-ever Tier 2 bond issue, which was sized at $2.285 billion and attracted a never-before-seen $4.1 billion of bids.
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