On May 9, Goldman Sachs Group (Goldman Sachs) (A/A1/A+) issued a new A$1.25 billion (US$1.3 billion) dual-tranche November 2016 Kangaroo, in what was the borrower's first Australian market transaction in more than five years. More Kangaroos from financial institutions (FIs) are expected to come as Australian pricing levels remain attractive on a global relative value basis, with investors who participated in the transaction pleased with what was considered a decent spread offering.