Global investors appear unfazed by a proposed shake up of local government, with interest remaining robust in buying bonds from the Local Government Funding Authority.
At Wednesday's second tender the authority sold $265m dollars worth of three and six year bonds.
The new body plans to borrow $1 billion this year on behalf of 18 local authorities and it's already raised more than half of that.
The authority's chief executive, Philip Combes, says the number of bids remained strong, particularly on the longer term bonds, and they helped keep a lid on the interest rates that investors will receive.
"We're seeing some really good progress on the pricing of the 2017 bond as we get a bit more volume out into the market," he says.