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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.

The A$200 million (US$176 million) increase to Rentenbank’s (AAA/Aaa/AAA) 2013 bond which priced on December 3 could be the last Kangaroo primary market transaction in 2007 according to TD Securities (TD), which lead-managed the deal.

Late interest from domestic investors saw 55 per cent of a A$200 million (US$177 million) increase to KfW Bankengruppe (AAA/Aaa/AAA) (KfW)’s 2012 Kangaroo sold domestically, according to lead manager TD Securities (TD).

Crédit Agricole has successfully priced a NZ$250 million (US$189 million) Tier 1 Kauri bond, with investors saying the deal’s performance will be a good guide to appetite for the product type in New Zealand.

Instituto de Crédito Official (AAA/Aaa/AAA) (ICO)’s November 19 increase of A$200 million (US$179 million) to its 2011 Kangaroo demonstrated how far spreads have continued to widen over recent weeks.