2006 October

Contents - 2006 Oct

KangaTrends - 2006 Oct
Competition heats up. With at least two new intermediaries setting their sights on the Kangaroo bond market, some market participants say the sector may be becoming overbroked. KangaNews investigates the strategy of the new players, as well as the two Canadian banks and three domestic houses which have a longstanding track record in this market.

KangaDeals - 2006 Oct
Table of Kangaroo deals issued from June 1 to September 22 2006.
Bookrunner league tables for the Kangaroo bond market.

Feature - 2006 Oct
Unravelling German issuers. German-based issuers have become one of the dominant forces in the Kangaroo market. But the sector can be difficult to navigate, with the federal and state agency borrowers carrying different levels of guarantees, the Landesbanks pulling back on international funding following the loss of their state guarantees last year, and commercial banks lining up to follow Hypo International's inaugural Pfandbriefe deals.
Includes snapshot of German issuers.

Sponsored Roundtable - 2006 Oct
The German economy and state development agencies. On August 31 a group of issuers, economists, originators and a rating agency analyst met at L-Bank's headquarters in Karlsruhe to discuss the outlook for the German economy and the progress of reforms, with particular emphasis on the credits of the two state development agencies in Germany which undertake international funding - L-Bank and NRW.BANK. The discussion was sponsored by L-Bank.

Feature - 2006 Oct
Analysing the Asian bid. The Kangaroo bond market is booming, and with it the participation of Asian investors. Attracted by currency diversification, yield and occasionally price arbitrage, more and more Asia-based capital is flowing into what used to be a market dominated by domestic buyers.