The European Investment Bank has started 2011 with gusto in the Australian market, last week selling A$700 million of bonds on top of a $600 million issue made the week before.  If EIB maintains this pace, it would likely emerge as the largest Kangaroo issuer for the fourth year in a row. Already, this is the largest non-core currency that EIB issues bonds in, surpassing the yen.Last week, EIB issued $700 million of 2014 paper, via fixed and floating rate notes. The AAA-rated bank re-issued $350 million of its 5.375 per cent May 2014 bond at a yield of 5.805 per cent and spread of 59 basis points over Australian government bonds, taking the outstanding amount on this bond to $2.75 billion.EIB also issued $350 million of floating rate May 2014 notes at a yield of three-month swap plus 26 basis points. The International Bank for Reconstruction and Development was another large Kangaroo issuer, issuing a total $1 billion of bonds, via October 2014 and April 2020 bonds. The 2014 bond was re-issued at 49.25 basis points over the June 2014 government bond, and the 2020 bond was issued at 65.5 basis points over the April 2020 government bond.AAA-rated KBN made a small issue, raising $100 million via a re-issue of January 2015 paper at a coupon of 41 basis points over three-month swap rate.Among local issuers, Volkswagen Financial Services priced a four-year medium-term note that was oversubscribed by four times and encouraged upsizing to $150 million. The coupon was set at seven per cent and was at a margin of 145 basis points over mid-swap.