Now we have had the opportunity to review the transcript of this fascinating conversation, it seems apparent that thinking is turning hard to the nature of the inflection point we are reaching in global markets. In short, it is all well and good to talk about 'higher for longer' in the context of taking air out of a balloon that was pumped full of pandemic stimulus, but we have now reached the point where consumers everywhere are feeling the pain. And yet central banks may not cut, or at least not far, unless that pain metastasises into unemployment and other symptoms of spare capacity.
There are no easy answers for policymakers, especially as, at the same time, everyone is only too aware of the heightened atmosphere of political and geopolitical tension looming in H2. Talk on the RBNZ, for instance, coalesced around a sense that it may now be overdoing its hawkish tone.
The good news? Issuers have been able to make hay in H1, including in the Australian market - which has experienced unprecedented scale and consistency of demand. New Zealand has been harder for global borrowers but there is ongoing optimism about underlying demand even as pricing has been tough to line up.
You can read a full transcript of the discussion in the June/July edition of KangaNews magazine - to be published in late July.
KangaNews was on the road again last week as Samantha Swiss and Helen Craig joined our colleagues at ANZ in London to host our annual global issuer and investor roundtable. Thanks to Simon Eckhoff, Alex Gowing, Brenton Smith, CFA, Emily Tonkin and Paul Snowden for co-hosting, and of course to all the participants for their contributions: Lars Ainsley, Marcin Bill, Jon Day from Newton Investment Management, Andrea Dore, Rachel Fisher, CFA, Stefan Goebel, Jens Hellerup, Lukasz Irisik, CFA, Anna Rudgard, Joris Schoenmakers, CFA and Jesse Tennant-Brown.
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3wMy heartfelt congratulations dear Laura! 💐You are a role model and an inspiration, and I wish you all the pleasure and fulfillment in this exciting next chapter! ✨️✨️✨️