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German federal agency KfW Bankengruppe (AAA/Aaa/AAA) (KfW) plans to further increase its funding volume in the year ahead, to €70 billion (US$100 billion), from €63 billion raised in 2007.

The long-running saga over Australian Prudential Regulation Authority (APRA)’s GPS120 framework for general insurers looks close to a resolution beneficial to the Kangaroo market. The latest draft of the standard – released for consultation by APRA on December 19 – includes Kangaroo bonds as Australian assets for the first time.

European Investment Bank (AAA/Aaa/AAA) (EIB) has completed its 2007 funding task, raising the equivalent of €55 billion. The supranational’s largest issuance currency this year was the euro with 37.5 per cent, followed by US dollars – 26.3 per cent – sterling and yen, with 20.1 per cent and 4 per cent respectively.

A survey of Australian investment managers released on December 19 by Russell Investment Group (Russell) indicates that investors are more bearish across the board than their US peers, and that a downturn in sentiment on equities has not been mirrored by a more positive view on bonds.

One of the two German federal state development agencies with outstanding bonds in the Kangaroo bond market, NRW.BANK (AA-/Aa1/AAA), has now completed its funding task for 2007 and is making funding plans for 2008.

The A$250 million (US$214 million) increase to European Investment Bank (AAA/Aaa/AAA) (EIB)’s 2020 inflation-linked Kangaroo, which priced on December 7, was sold as a private placement to an undisclosed destination.

Dutch agency Bank Nederlandse Gemeenten (AAA/Aaa/AAA) (BNG) has completed its funding for 2007, with €11.3 billion (US$16.2 billion) issued in medium- to long-term notes. Bart van Dooren, head of funding and investor relations at BNG in the Hague, says the agency will probably raise in the region of €12 billion in the 2008 calendar year.

On December 17 Rentenbank (AAA/Aaa/AAA) issued a NZ$50 million (US$37.7 million) Kauri bond via Westpac Institutional Bank. The notes have been granted repo eligibility by the Reserve Bank of New Zealand (RBNZ) and offer a 7.485 per cent coupon.

Nordic Investment Bank (AAA/Aaa) (NIB) priced a NZ$250 million (US$196 million) increase to its 2010 Kauri bond on December 13 with lead manager ANZ Institutional (ANZ) claiming demand for the issue both on- and offshore.

German’s agency for agriculture, Rentenbank, plans to raise around €11 billion (US$16 billion) in medium- to long-term funding in 2008. This compares with €11.2 billion raised so far this calendar year.

International Finance Corporation (AAA/Aaa) (IFC) completed a week-long roadshow in Australia on December 7 and hopes to be able to debut in the Kangaroo market by the middle of 2008, market conditions allowing.

The NZ$225 million (US$172 million) increase to Kommunalbanken Norway (AAA/Aaa) (KBN)’s 2010 Kauri bond, which priced on December 5, was transacted without a New Zealand bank as lead manager; instead, RBC Capital Markets (RBCCM) acted as sole lead on the deal.