According to KangaNews data, this is the first time Daiwa SMBC has been involved in the top line of a Kangaroo deal. Joakim Holmstrom, manager in the funding department at MuniFin in Helsinki, says with the latest increase Daiwa SMBC brought new investors to the issuer's only outstanding Kangaroo bond. The lead manager would not disclose either investor distribution details or the levels to swap and/or government bonds.

Holmstrom says so far it has been a record-breaking year for MuniFin in terms of meeting its funding volume targets. "We have already raised €2.6 billion (US$4 billion) of our €2.8 billion targeted volume for 2008," he explains. Holmstrom adds that most of this funding has been via private placements - specifically foreign exchange structured products denominated in yen.

MuniFin last tapped the 2011 Kangaroo bond for A$100 million in January 2008, after debuting in the Kangaroo market in April 2007 with a A$200 million transaction. The issuer also brought its debut Kauri bond deal to market in May this year - a NZ$100 million June 2011 bond.