Rentenbank (AAA/Aaa/AAA) has continued its recently announced strategy of only bringing larger-sized increases to the Kangaroo market in 2008 with the March 11 increase of A$250 million (US$232.1 million) to its 2011 bond.
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.
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.
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.
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.