Kommunalbanken was the surprise issuer of the week, becoming the first non-SSA kangaroo issuer to return to the market post the GFC. Kommunalbanken (rated AAA) issued A$350 million of five-year bonds at CGS+90 basis points. The local branch of Bank of Scotland was the next local operation of an international bank to use an Australian Government guarantee to raise 15-month funds. The bank raised A$650 million fixed and A$600 million floating at a margin of 20 bps over swap/bank bills. On Friday, Council of Europe added A$200 million to its September 2014 line to take outstandings to A$500 million. The top-up was priced at swap plus 13 bps and CGS plus 65 bps.