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On May 18 the long-anticipated inaugural Kangaroo deal from Wachovia - the fourth-largest US bank in terms of assets - was priced, totalling A$1.45 billion (US$1.2 billion).

On May 23 Korea’s Shinhan Bank (A-/A1) priced its inaugural Kangaroo deal, a A$400 million (US$333million) two-tranche three-year note.

David Murray, chairman of the Future Fund, told delegates at an Australian Institute of Company Directors lunch in Sydney on May 16 that the Future Fund will be operational by the end of June.

French corporate issuer, Total (AA/Aa1), has established a A$1 billion Kangaroo programme arranged by RBC Capital Markets (RBCCM).

Wells Fargo (AA+/Aa1) has returned to the Kangaroo market, pricing a A$500 million (US$413.77m) five-year bond on May 3 at 18 points over swap.

Kaupthing Bank (Aa3/A) – the biggest of the three Icelandic-based banks with international operations – may choose 2007 as the year to enter the Kangaroo market.

Increased use of covenant protection could be an end result of the increased threat of private equity-fueled leveraged buyouts of financial institutions, credit analysts say.

Halifax Bank of Scotland (HBOS) (AA-/Aa2/AA) priced its first Kangaroo on April 20, coming to market with a 10-year non-call five A$600 million (US$498.9 million) subordinated lower Tier II offering.

Following the pricing of Swiss Re’s inaugural Kangaroo on April 20 – a  T1 perpetual non-call 10 issue – joint lead arranger and joint bookrunner Westpac Institutional Bank (WIB) is confident the hybrid market is set for growth.

Shinhan Bank (A-/A3/A-) is likely to become the first Korean commercial bank to sell a Kangaroo after completing its roadshow in Sydney, Melbourne and Brisbane on April 19.

Moody’s Investors Service (Moody’s) has lowered its ratings of 44 European banks following what it calls the “refinement” of its bank rating methodology.

Finland’s Municipality Finance (MuniFin) (AAA/Aaa) priced its first Kangaroo issue on April 11 with a A$200 million (US$166 million), four-year note, co-led by Westpac Institutional Bank (WIB) and Nomura.