Allens and alliance partner Linklaters have advised Anglian Water on a $350 million five-year Kangaroo bond, its debut issuance in the Australian market. Anglian Water is the first UK water company to access the Australian public bond market, and the eighth global corporate borrower to debut in the Kangaroo market in 2026, which represents a record year for global companies issuing Kangaroo bonds.
The transaction is part of Anglian Water’s long-term diversified funding strategy. Across the AMP8 programme in 2025-30, Anglian Water is delivering its largest-ever investment programme with around £11 billion of investment planned.
Fraser Campbell, Group Director of Treasury, Corporate Finance and Investor Relations at Anglian Water commented: ‘This transaction represents an important step in the continued diversification of our funding programme. The strong level of investor interest and support we received demonstrates confidence in Anglian Water’s long-term strategy and investment programme. We are pleased to have successfully established a presence in the Australian public bond market and look forward to building relationships with investors in the region. We would like to thank Linklaters and all our advisers for their support and expertise in helping us successfully deliver this landmark transaction.’
Reza Taylor, Linklaters’ relationship partner for Anglian Water, commented: ‘It was fantastic to advise our long-standing client Anglian Water on their bond debut in Australia. We anticipate more European issuers accessing the Kangaroo bond market, to help them diversify their sources of funding in addition to e.g. sterling public markets, euro issuance, US and European private placements and Maple bonds. The deal was also raised by panellists at this week’s Private Placement Industry Forum – Europe, reflecting its market impact.’
James Darcy, partner at Allens, commented: ‘The Australian market continues to play an important role for international issuers looking to diversify funding sources and build long-term relationships with institutional investors. As the first UK water company to access the Australian public bond market, Anglian Water’s debut demonstrates the depth of investor demand for high-quality global credits and the growing importance of the Kangaroo market as part of international funding programmes.’
James Darcy led the Allens team advising Anglian Water and was supported by George Hunt, Jim Chan and Angeline Sun. Reza Taylor led the Linklaters team advising Anglian Water, and was supported by Shamin Choudhury, Justyna Todd-Frankowska and Charlie Richards.
