On 23 March, NRW.Bank (AA/Aa1/AAA) began taking indications of interest for its inaugural, five-year, Kangaroo, social-bond transaction. The deal is being marketed at 33-35 basis points area over semi-quarterly swap, equivalent to 40.5-42.5 basis points area over Australian Commonwealth government bond. Deutsche Bank, Nomura and RBC Capital Markets are leading.