US Debt and Equity Offers by Australian and New Zealand Issuers in 2025
Insights 
Andrew Reilly · February 9, 2026
A significant number of Australian and New Zealand issuers accessed the US capital markets in 2025. We have identified 134 US debt and equity offers that were completed by Australian and New Zealand issuers in 2025, with a median amount raised of A$60 million.
The following graph shows the number of debt and equity offers completed by Australian and New Zealand issuers in the United States over the past ten years:
The total number of debt and equity offers by Australian and New Zealand issuers in the United States decreased 8% in 2025 compared to 2024 due to fewer debt transactions.
The number of US debt deals declined by 63%, with the number of Rule 144A investment-grade bond offers decreasing 71% from 21 in 2024 to 6 in 2025 and the number of US Private Placements decreasing 77% from 13 in 2024 to 3 in 2025. These decreases were principally due to the continuing development of the Australian bond markets, with more Australian issuers preferring to tap the domestic bond market as it has become more competitive, including 10-year tenure. The decreases in the 144A and USPP markets were partially offset by an increase in SEC-registered offerings from 1 in 2024 to 3 in 2025.
The total number of US equity raisings increased 12% from 107 in 2024 to 120 in 2025. In particular, the number of ‘low doc’ offers (eg, placements and accelerated entitlement offers) increased 1% from 94 in 2024 to 107 in 2025 while the number of Australian IPOs with a US tranche increased from nil in 2024 to 5 in 2025 (with 4 Australian IPOs having a small US tranche). The number of SEC-registered equity raisings and PIPEs by Australian companies decreased from 13 in 2024 to 8 in 2025 as there were no IPOs in the United States by Australian companies in 2025.
Other offshore equity markets continue to be important. Based upon our work as International Counsel, more than 300 Australian and New Zealand issuers tapped Asian, Canadian and European institutional equity investors in 2025.
Click here to download a chart that lists the US debt and equity offers completed by Australian and New Zealand issuers in 2025.
This summary is provided for informational purposes only and is not intended to constitute legal advice nor does it create an attorney-client relationship with Rimon, P.C. or its affiliates.