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Following the March 6 A$200 million (US$185.8 million) increase to its 2011 Kangaroo bond Nordic Investment Bank (AAA/Aaa) (NIB) says it is observing the proportion of its deals which is bought by offshore investors and has a clear idea of the maximum level it is happy to see.

Triple-A borrowers speaking at the KangaNews/Westpac Speed-Meeting Summit in Sydney have said it has been possible to exploit a flight to quality by issuing Kangaroos but confirmed their belief that the market will remain challenging for some time.

The conveyor belt of triple-A Kangaroo deals continued on February 27 as Asian Development Bank (AAA/Aaa/AAA) priced a A$150 million (US$140.2 million) increase to its 2011 line, which now totals A$1.15 billion.

CADES (AAA/Aaa/AAA) has priced its third Kangaroo bond, a A$300 million (US$276.8 million) 2013 transaction, after ANZ Banking Group (ANZ) left the deal’s syndicate between launch and pricing.

A busy seven days in the Kangaroo market continued on February 22 as Rentenbank (AAA/Aaa/AAA) priced a A$300 million (US$276.2 million) increase to its 2013 bond, bringing the total size of the line to A$1.3 billion.

Triple-A Kangaroo deal flow continued on February 21 with KfW Bankengruppe (AAA/Aaa/AAA) (KfW) bringing a new A$400 million (US$367.2 million) 2011 and Inter-American Development Bank (AAA/Aaa) (IADB) pricing a A$200 million increase to its own 2011 line.

African Development Bank (AAA/Aaa/AAA) (AfDB) has become the 12th SSA issuer in the Kauri market with the February 21 pricing of its NZ$200 million (US$159.8 million) debut, a 2013 bond.

International Finance Corporation (AAA/Aaa) (IFC) priced its debut Kangaroo deal on February 20: a A$500 million (US$458 million) 2013 bond priced at 94.75 basis points over the benchmark 6.5 per cent 2013 government security.

European Investment Bank (AAA/Aaa/AAA) (EIB) maintained its policy of only bringing Kangaroo deals in size by pricing a A$500 million (US$452.2 million) increase to its 2013 line on February 15.

Council of Europe Development Bank (AAA/Aaa/AAA) (CEB) increased its 2012 Kangaroo bond by A$100 million (US$90.42 million) on February 15 in a deal led by Commonwealth Bank of Australia (CommBank).

US financing firm CIT Group (A/A2/A) (CIT) used its recent Australian investor update to reassure the market of its commitment to its Australian business and the stability of its credit, while acknowledging that it may be some months before investors are ready to reenter credit markets.

The NZ$175 million (US$214.8 million) increase to Rentenbank’s (AAA/Aaa/AAA) 2013 Kauri, which priced on January 31, brought the agency’s total issuance to its NZ$500 million limit for repo-eligibility in New Zealand.