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Rentenbank (AAA/Aaa/AAA) launched its inaugural Kauri deal on October 16 after roadshowing in both New Zealand – for the first time ever – and Australia at the end of September.

Spain's Instituto de Crédito Oficial (AAA/Aaa/AAA) (ICO)'s A$200 million tap to its March 2011 bonds is only the second Kangaroo deal priced in the period from September 17 to mid-October.

On October 4 Kommunalbanken Norway (AAA/Aaa) (KBN) priced its debut Kauri deal. The transaction was upsized to NZ$275 million (US$207 million) from NZ$250 million.

There were new developments in the GPS120 saga in mid-September. Conflicting reports of the latest development have caused some confusion in the market, particularly as none of the parties directly involved in the matter would comment.

On October 2 Kommunalbanken Norway (AAA/Aaa) (KBN) launched a three-year fixed rate Kauri deal via ANZ Institutional, Bank of New Zealand and RBC Capital Markets.

Rentenbank expects to raise a further €1 billion outside core funding markets by the end of the year. But the agency has not committed to a Kangaroo or Kauri deal in 2007.


Eurofima (AAA/Aaa/AAA) brought its second Kangaroo deal this month, pricing a A$100 million (US$88 million) increase to its 2010 bond on September 28 after a similarly-sized increase to its 2020 Kangaroo on September 5.

The slow primary market for Kangaroos continues to be dominated by offshore demand, with 90 per cent of a A$200 million increase brought by Asian Development Bank (ADB) (AAA/Aaa/AAA) sold internationally, according to lead manager TD Securities.

The flurry of recent triple-A Kauri deals continued on September 20 when Bank Nederlandse Gemeenten (BNG) (AAA/Aaa/AAA) priced a three-year, NZ$250 million (US$183.6 million) bond.

European Investment Bank (EIB) completed a A$500 million (US$420.7 million) increase to its 2010 Kangaroo bond on September 17, only the second primary issue since the recent credit crunch - following Eurofima’s A$100 million tap on September 5.

UK bank Northern Rock (A+/Aa3) has been offered emergency funding from the Bank of England (BoE) as its usual sources of short-term funding have dried up due to the ongoing credit market liquidity squeeze.

Following Queensland Treasury Corporation (QTC)’s debut at the longer end of the maturity spectrum, Nordic Investment Bank (NIB) priced its debut Kauri bond, a NZ$400 million (US$275.18 million) three year, on September 6.