On 20 May, KfW Bankengruppe (KfW) (AAA/Aaa) launched a minimum A$150 million (US$103.6 million) tap of its February 2025 Kangaroo bond. The forthcoming deal is being marketed at 39 basis points area over semi-quarterly swap and 46.5 basis points area over Australian Commonwealth government bond. Pricing is expected on 21 May according to lead manager Nomura.