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The first Kangaroo deal of 2008 priced on January 8, with EUROFIMA (AAA/Aaa) increasing its 2018 bond by A$250 million (US$219.3 million). The TD Securities (TD) lead-managed deal priced at 66 basis points over the benchmark 2017 6 per cent government bond.

On December 18 Inter-American Development Bank (AAA/Aaa) (IADB) issued a NZ$100 million (US$76.6 million) Kauri bond in a private placement.

Westpac has announced that its long-serving joint head of debt securities and syndicate, Peter Bloomfield, has retired with Simon Ling, formerly  Bloomfield’s co-joint head, assuming sole control of the bank’s vanilla and hybrid origination business.

German federal agency KfW Bankengruppe (AAA/Aaa/AAA) (KfW) plans to further increase its funding volume in the year ahead, to €70 billion (US$100 billion), from €63 billion raised in 2007.

The long-running saga over Australian Prudential Regulation Authority (APRA)’s GPS120 framework for general insurers looks close to a resolution beneficial to the Kangaroo market. The latest draft of the standard – released for consultation by APRA on December 19 – includes Kangaroo bonds as Australian assets for the first time.

European Investment Bank (AAA/Aaa/AAA) (EIB) has completed its 2007 funding task, raising the equivalent of €55 billion. The supranational’s largest issuance currency this year was the euro with 37.5 per cent, followed by US dollars – 26.3 per cent – sterling and yen, with 20.1 per cent and 4 per cent respectively.

A survey of Australian investment managers released on December 19 by Russell Investment Group (Russell) indicates that investors are more bearish across the board than their US peers, and that a downturn in sentiment on equities has not been mirrored by a more positive view on bonds.

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.