Within the past month, five short- to medium-dated floating rate note (FRN) deals have been placed by Australian semi-government and agency issuers for a total volume of A$1.3 billion (US$1.4 billion). With two of those deals pricing this week, market participants report ongoing appetite from a consistent group of investors. More such deals are expected to emerge and the demand for shorter-dated FRN paper could also expand into the Kangaroo market.