Allens has advised on inaugural bond issuances by Vonovia SE and The Weir Group, capping off a busy year for the firm's debt capital markets group.
The issuances form part of a surge in market interest for offshore credit, with Allens advising on several new Kangaroo bond programmes and issuances.
Additionally, Allens has been very active in the corporate hybrid market, having also recently advised DEXUS, Lendlease and Ampol on corporate hybrid bond issuances.
'Based on recent deals, investor appetite for Australian dollar corporate bonds remains exceptionally strong,' said James Darcy, who leads Allens' debt capital markets team.
'Looking ahead, the expectation is that the Australian dollar corporate bond market will remain a compelling destination for global issuers in 2026. Strong domestic demand, underpinned by superannuation inflows and sustained interested from Asia-based investors, is expected to continue to drive liquidity and competitive execution.
'We expect more European and UK corporates to tap the Kangaroo market, alongside growing activity in hybrids and structured products, as issuers seek diversification and optimise capital structure.
'We're focused on helping clients navigate these dynamics and deliver successful outcomes in an evolving market,' James said.
In 2025, Allens advised the arrangers on two standout transactions recognised at the 2025 KangaNews Awards, which celebrate excellence in the Australasian debt markets. Lendlease Finance's $450m 5.20% perpetual NC hybrid was named Australian Innovative Deal of the Year, while Ampol's $500m 5.85% 30NC8.25 subordinated issue won Australian Dollar Corporate Bond of the Year.
In 2025, Allens' debt capital markets team also advised: the dealers on the establishment of the Australian dollar debt issuance programme for the Republic of Indonesia; leading US energy company NextEra Energy on its dual-tranche $775 million subordinated hybrid bond issuance; and the Clean Energy Finance Corporation on a significant subordinated hybrid funding transaction.
