In spite of some aggressive moves in the bills-Libor basis swap towards the end of last week and another quiet week in the vanilla primary market, developments so far this year in the euro-Aussie, AUD Uridashi and Kangaroo markets indicate that appetite for AUD-denominated product remains strong. Volume data reveals steady issuance volumes in the Uridashi market, but a strong performance from Kangaroos and euro-Aussies shows all-international issuance in Aussie dollars this year – totalling almost A$31.5 billion (US$26.3 billion) by May 27 – is on track to surpass the 2009 full-year volume of just over A$42 billion.