Embrace NZ blueprint to unleash corporate bonds: ex-Liberal MP Jason Falinksi
New Zealand-style deregulation, such as allowing companies to issue debt products to retail investors without a prospectus, would help retirees diversify their portfolios and businesses raise much-needed capital, says the former MP tasked with reviewing the nation’s corporate bond market.so that businesses could more easily issue corporate bonds to everyday investors, reigniting a debate about bond market regulations.
Instead, firms are able to release simple documents such as presentation slides or a basic term sheet when making a public offer to retail investors. Retail investors in Australia can buy corporate bonds issued by companies directly or trade them on the secondary market via the Australian Securities Exchange. But retail investors account for just 1 per cent of the market, compared to 20 per cent in the United States, with few bond issuance made available due to the perceived impediments.have surged from their ultra-low levels of below 2 per cent in 2021 to around 5 per cent.
“The time and effort required to prepare prospectus documentation is also disproportionate to the risk being borne by the investors in purchasing senior debt instruments.”
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