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European agency Eurofima (AAA/Aaa) has become the first institution to access the Kangaroo primary market since June, bringing an A$100 million (US$82.44 million) tap to its 2020 bond, which now totals A$500 million.
Market participants agree that increased relative value opportunities are a likely beneficial result of last week's credit correction, centred on US financial institutions' exposure to sub-prime debt and LBO finance.
Generally strong results announcements from a series of US banks have been universally impacted by increased provisions for retail bad debt, including ongoing concern regarding the sub-prime mortgage sector.