New Zealand's largest banks, institutions and companies are turning to overseas wholesale markets to borrow rather than raising debt at home.
The NZX's latest monthly shareholder metrics show just $39 million of debt was raised on the retail market in the year ended August 31st.
The fixed interest portfolio manager at Harbour Asset Management Mark Brown said New Zealand's largest borrowers are going global to raise money at comparatively low interest rates.
He said it saves perhaps a quarter of a percent or more in interest, which adds up on multi-million dollar deals.
He said this type of borrowing is also one of the drivers behind the strength in the New Zealand dollar.
"New Zealand yields are quite high on a global comparative basis and so there's plenty of investors who are keen to buy New Zealand dollar fixed interest assets."