On 6 June, Barclays (BBB/Baa3/A) launched a multi-tranche benchmark Kangaroo transaction. The deal will be comprised of a five-year tranche in either or both fixed- and floating-rate formats as well as a 10-year fixed rate tranche. The five-year tranches are being marketed at 185 basis points area over swap benchmarks while the 10-year tranche has indicative price guidance of 240 basis points area over semi-quarterly swap. Pricing is expected on the day after launch.