The issuance of NZD-demoniated Eurobonds rose to its highest level in almost eighteen months in February 2012.
Most of the issues were eurokiwis with the bulk of the volume from one large transaction.
Total February issuance as NZ$568 million.
The largest issue was a NZ$300 mln five year transaction for Daimler, arranged by TD, said Westpac Institutional Bank in a summary note.
Japanese investors have been "very quiet since November" said Imre Speizer, Westpac's senior market strategist.
Maturities in February were larger than issuance at NZ$802 million, and most of those were uridashi issues outstanding. There was only NZ$10 million of uridashi issued in February.
"Next month (March 2012) sees NZ$1.0 billion maturing, including a NZ$616 million issue for the ENRD arranged by Daiwa, so we may see a pickup in Japanese flow if some of those investors rollover", said Speizer.
There has been more than NZ$7.5 billion of eurobonds maturing in the past twelve months, and less than NZ$3.0 billion issued.