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Australia Briefing: Why Local Bond Sales are Booming

The lure of literature is one of Melbourne’s more creative solutions in bringing people back into its center.

The lure of literature is one of Melbourne’s more creative solutions in bringing people back into its center.

Photographer: Carla Gottgens/Bloomberg

Good morning, it’s Ainsley here with a roundup of the top news to kick your day off.  

Today’s must-reads:

Bond bonanza. Australian companies have sold a record amount of local currency bonds this year, as domestic borrowing costs rise at a slower pace than US yields and banks rush to replace cheap pandemic-era funding. Borrowers raised A$73 billion so far in 2022, the most ever for the first nine months of a year. August sales were the strongest of any month on record, though the pace of activity slowed in September.