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Strategists predict Australian bonds will fall in 2013 for the first time in four years. BlackRock Inc. and Mitsubishi UFJ Asset Management Co. disagree.
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Australian state bonds are set for the worst quarter relative to sovereign debt since 2008 as record borrowing needs spur regional authorities to increase their share of debt sales compared with corporate offerings.
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The average size of bond sales in Australia by top-rated overseas borrowers has shrunk by almost 50 percent this quarter as new bank capital rules cut demand.
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Sales of bonds by top-rated overseas borrowers in Australia have evaporated following a record start to 2011 after the nation’s banking regulator ruled they don’t qualify under new international capital rules.
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The World Bank Group’s International Finance Corp. priced the biggest offering in Australia by a foreign issuer in more than a year as demand surged for top- rated bonds amid concern the U.S. and European debt crises will curb global economic growth.
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Australian banks are finding they’re not immune to the debt crisis engulfing Europe as a gauge of funding costs reached the highest in almost a year and bond risk surged to the most since July.
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New Zealand’s central bank kept its benchmark interest rate unchanged and said further increases will be slower than previously anticipated as the nation rebuilds from its worst earthquake in 80 years.
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Australian state bond yields are trading at their highest levels since May 2009 relative to sovereign notes as investors shun all but the safest assets on concern Europe’s debt crisis will impair global economic growth.
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Australia’s debt market shows investors expect Reserve Bank Governor Glenn Stevens to follow his first rate cut in 2 1/2 years by lowering borrowing costs next month to spur spending in the Christmas holiday season.
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The record A$31.1 billion ($32.6 billion) of bonds coming due next month is fattening investors’ wallets as demand for corporate debt drives relative yields to the lowest levels in three years.
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