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Kangaroo borrowers say demand driving bumper high-grade July deal flow continues to be concentrated in Asia, but Australian and European take up has been a growing feature of selected deals. As of the close on July 26, 13 Kangaroo transactions from 10 issuers have been completed in July for a total of A$3.35 billion (US$3.48 billion), with pricing on at least one more deal imminent.

General Property Trust Group (GPT) (A-/A3) has priced an increase to its 2019 domestic line priced in January 2012. The transaction adds A$100 million (US$103.4 million) to the A$150 million outstanding in the line and become GPT's second deal in 2012. Leads managers on the transaction are Commonwealth Bank Australia, National Bank Australia and UBS.

The Province of Manitoba (Manitoba) (AA/Aa1) has priced a new 10-year Kangaroo in its debut transaction in the market. In a 2008 roadshow, representatives from Manitoba indicated it had been studying the Kangaroo market for some time, and it saw a space for Australian investors to move out of pure triple-A into double-A credits. Lead managers on the deal are National Australia Bank and TD Securities.

In its first issue of 2012, Export Development Canada (EDC) (AAA/Aaa/AAA) has priced a new line of five-year notes to mature on August 8 2017. The deal's volume was finalised at A$750 million (US$780 million), and will add to two outstanding lines for a new total of A$2.25 billion. Commonwealth Bank of Australia, Citi and TD Securities are lead managers on the deal.

FOREIGN CURRENCY ABS DEALS Issuedate Issuer Currency Volume Legalmaturitydate Lead(s) 14/03/12 Macquarie Leasing USD 100   JPM, MB, RBS 14/03/12 Macquarie Leasing USD 65   JPM, MB, RBS 14/03/12 Macquarie Leasing USD 80   JPM, MB, RBS 14/03/12 Macquarie Leasing USD 60   JPM, MB, RBS 14/03/12 Macquarie Leasing USD 105   JPM, MB, RBS 14/03/12 Macquarie Leasing USD 90   JPM, MB, RBS 14/06/12 Macquarie Leasing USD 100 Jun-13 JPM, MB, RBS 14/06/12 Macquarie Leasing USD 32 Mar-15 JPM, MB, RBS 14/06/12 Macquarie Leasing USD 133 Mar-15 JPM, MB, RBS 14/06/12 Macquarie Leasing USD 66 Oct-16 JPM, MB, RBS 14/06/12 Macquarie Leasing USD 91 Oct-16 JPM, MB, RBS 14/06/12 Macquarie Leasing USD 27 Mar-18 JPM, MB, RBS 14/06/12 Macquarie Leasing USD 51 Mar-18 JPM, MB, RBS AUD ABS DEALS Issuedate Issuer Volume (A$M)(exc. sub tranches) Legalmaturitydate Lead(s) 14/09/12 Suncorp Metway 930 Jul-21 ANZ, JPM, MB, RBS 14/09/12 Suncorp Metway 52 Jul-21 ANZ, JPM, MB, RBS 14/09/12 Suncorp Metway 18 Jul-21 ANZ, JPM, MB, RBS

Kangaroo deal flow kept pace in the week ending July 20 with three deals priced, including FMS Wertmanagement's first deal of 2012 and the debut of Korea Eximbank, and details on a fourth not made public by the close. The Australian domestic market also saw two deals from the banking sector, from Deutsche Bank Sydney Branch and AMP Bank.