Australian dollar

Rentenbank tapped its new 10 year Kangaroo line for A$50m ($37.8m) on Tuesday. Attracting a mixture of Asian accounts, the agency's long dated paper pulled in a wide range of investors.

The Kangaroo market has faced a variety of challenges but, for each challenge, it has evolved to provide new pockets of value for investors and to meet borrowers’ requirements as they respond to the constantly shifting market realities. By Lewis McLellan.

The Inter-American Development Bank, a Canadian sub-sovereign and two Danish agencies offered chunky issuance to the Kangaroo market this week. The SSAs took advantage of Asian accounts looking to work their cash at the 10 year part of the Australian dollar curve.

The Canadian province of Quebec added a 10th tap to its May 2026 Kangaroo line on Wednesday. The lead praised the borrower's swift execution of Kangaroo taps at the longer end of the curve.

The Inter-American Development on Tuesday extended its Kangaroo curve with an April 2027 issue. The new bond is, in effect, replacing IADB's June 2026 bond, the borrower said.

Bank Nederlandse Gemeenten and Nederlandse Waterschapsbank were stunned by the scale of reverse enquiry for taps to their Kangaroo notes on Tuesday, with a rare Japanese investor driving both deals to double the size of any previous tap to their respective 10 year lines.

International Finance Corp and KommuneKredit tapped 10 year Kangaroo bonds this week, the only active tenor in the market.

The International Finance Corporation added a A$50m ($38.2m) tap to its July 2026 bond on Monday. The IFC is looking to increase its minimum volume requirements for opening 10 year Aussie taps from A$20m to A$50m.

KommuneKredit tapped its November 2026 Kangaroo bond last Friday. The 10 year part of the market suits the Danish agency, as it needs to sell longer dated paper to match its assets.

Bank Nederlandse Gemeenten tapped an August 2026 bond for the sixth time this year, with investors focussing almost solely on the 10 year part of the Kangaroo curve.

Nederlandse Waterschapsbank presented a Kangaroo tap to an expectant Japanese investor on Friday.

Australia on Tuesday announced its intention to issue its first 30 year government bond. After a summer of downgrade threats for the triple-A rated sovereign, it hopes to tempt overseas investors back into its bonds with offers of juicy yields. But market experts are not convinced it will work, writes Silas Brown.