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On February 1 Citigroup Inc. priced a three-tranche Kangaroo deal, with fixed and floating rate notes (FRNs) maturing on February 13 2012 and a fixed rate 10-year tranche maturing on February 13 2017.

Market participants are concerned that GPS120 will prevent a potential sector of investors - general insurers - from buying Kangaroo bonds.

A total of A$5.1 billion was issued by four US-based financial institutions in the first two weeks of February. This comprises 68.5 per cent of the total volume of A$7.45 billion issued in the year to February 16.

The European Investment Bank (EIB) – the biggest supranational borrower in the Kangaroo market with A$4.65 billion outstanding – was the first supra to enter the Kangaroo bond market in 2007.

On January 19 French obligations foncières issuer Compagnie de Financement Foncier (CFF) opened a new point on its Kangaroo curve

On January 12 triple-A rated German agency, KfW Bankengruppe (KfW), issued a MYR600 million (US$170 million) bond under its recently-established local MYR issuance programme.

On November 15 2006 Dutch agency Bank Nederlandse Gemeenten (BNG) had A$500 million of Kangaroo bonds maturing. Via a hitch in the settlement process, bond investors were paid their final coupon and the principal a day late.

The Kangaroo market experienced another record year in 2006, with a total of A$32.081 billion issued in 92 deals by a diverse range of issuers. This is a 28 per cent increase on the A$25.16 billion issued in 2005.

On January 10 Rentenbank - which has the biggest outstanding Kangaroo volume of A$5.65 billion - brought a A$300 million 6.25 per cent July 2010 deal led by ANZ Investment Bank (ANZIB) and RBC Capital Markets (RBCCM).

On January 18 triple-A rated German agency KfW Bankengruppe (KfW) priced a A$500 million 6.25 per cent January 2012 bond, opening a new line in the Kangaroo market and extending its curve to cover nine different maturities.

Spanish agency Instituto de Crédito Oficial (ICO) was first off the mark this year, pricing a A$200 million increase of its 6.0 per cent October 2009s on January 8.

Council of Europe Development Bank followed its 2006 pattern of being one of the first issuers in the Kangaroo bond market, pricing a new maturity - a A$200 million 6.25 per cent January 2012 - on January 12.