The unprecedented quantitative easing (QE) measures introduced by Australia’s central bank created ideal conditions for a boom in corporate issuance in 2021. The Reserve Bank of Australia’s emergency measures, laid out in response to the ongoing Covid-19 pandemic, included a lower cash rate target of 0.1%, a three-year government bond yield of around 0.1%, and the purchase of A$100bn (US$74bn) in government bonds of maturities of around 5 to 10 years. Those measures confirmed the int