KfW in the news

  • UKEF backs biggest overseas infrastructure financing for Egypt rail project

    UK Export Finance, the UK's export credit agency, has provided its largest ever overseas infrastructure guarantee to support the construction of two new monorails in Egypt. JP Morgan is leading a group of commercial lenders in providing the funding.

    • 22 Jan 2021
  • SSA secondary pricing update: Spain’s new 10 year stays wide of reoffer

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, January 18. The source for secondary trading levels is ICE Data Services.

    • 19 Jan 2021
  • KfW USD5bn 0.625% Jan 26

    • 14 Jan 2021
  • KfW sells South African rand green bond

    KfW printed its first green bond in South African rand this week, reflecting the growth in demand for sustainable products outside of core currencies, according to a funding official at the agency.

    • 14 Jan 2021
  • SSA secondary pricing update: EIB and KfW perform strongly following record euro order books

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, January 11. The source for secondary trading levels is ICE Data Services.

    • 12 Jan 2021
  • KfW senior funding official departs

    A senior funding manager at KfW who was responsible for leading the borrower’s sterling and dollar deals, has left the German agency.

    • 11 Jan 2021
  • SSAs kick off 2021 MTN market

    MTN issuance out of Asia and Sweden provided some of the week’s bright spots in what was otherwise a quiet start to the year. With the public market now in full swing, bankers expect the private placement market to get up to speed in the coming weeks.

    • 08 Jan 2021
  • Land NRW sells biggest century bond as euro SSA market returns with a bang

    Public sector borrowers soaked up huge demand in the euro market on Tuesday including the State of North Rhine-Westphalia, which printed its biggest ever 100 year bond despite offering a yield of less than 1%.

    • 05 Jan 2021
  • KfW and SEK score in sterling despite tricky conditions

    KfW and Swedish Export Credit Corporation (SEK) achieved strong results in sterling on Tuesday despite extremely volatile conditions in the currency as a result of uncertainty around the impact of Brexit and the rising cases of coronavirus in the UK, which has affected swap spreads and the cross-currency basis swap for non-UK borrowers.

    • 05 Jan 2021
  • Sterling SSA market opens, but backdrop tricky

    The European Investment Bank became the first borrower to tap the sterling market in 2021 on Monday, while KfW is set to follow on Tuesday. While the opening deal went well, the issuers had to contend with some sharp volatility.

    • 04 Jan 2021
  • V20 climate-vulnerable states prepare MDB derisking scheme

    The V20 group of finance ministers from countries especially vulnerable to climate change has prepared a Climate Prosperity Plan — analogous to a green new deal — which it hopes will help member countries devise 10 year investment plans to recover from Covid-19 while becoming more climate-resilient.

    • 23 Dec 2020
  • KfW to extend euro benchmark curve to 15 years

    KfW plans on extending its euro benchmark bond curve by adding a new 15 year line in 2021 in response to increasing demand from investors for longer tenors.

    • 16 Dec 2020
  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes as we approach the end of 2020, with most issuers also setting their funding targets for 2021.

    • 16 Dec 2020
  • Tui starts long road to deleveraging with third bailout

    Travel company Tui announced its third bailout package since March on Wednesday, adding a substantial equity cheque to more state-backed debt, as troubled companies shift their focus from emergency cash to stable capital structures. A sharp rally in the company’s shares helped firm up the rescue package, but some questioned whether the new money will be enough.

    • 03 Dec 2020
  • Intesa taps MTNs for tier two debt

    Intesa Sanpaolo paid a visit to the MTN market this week to print a rare, privately placed tier two deal in euros.

    • 03 Dec 2020
  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the progress of Europe's supranationals and agencies in mid-November. Joining the scorecard this week is the European Union, which launched its Support to Mitigate Unemployment Risks in an Emergency (SURE) programme in October.

    • 13 Nov 2020
  • MTN investors on hold ahead of election

    A number of MTN investors are waiting for the result of the US election before committing themselves to the market, meaning next week is set to be a quiet one.

    • 23 Oct 2020

KfW data breakdown

Sources: KfW, Dealogic

Credit rating Aaa/AAA
Basel II risk weighting
0%
Headquarters
Palmengartenstraße 5-9,
60325 Frankfurt am Main,
Germany

 

See Funding scorecard: European supranationals and agencies for KfW's funding progress this year. 

 

KfW

Dealer League Table KfW

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 HSBC 2.05 2 16.07%
1 BofA Securities 2.05 2 16.07%
3 Morgan Stanley 1.67 1 13.09%
3 Citi 1.67 1 13.09%
3 BMO Capital Markets 1.67 1 13.09%


Key
officials

Frank Czichowski, treasurer
Petra Wehlert, head of capital markets
Otto Weyhausen-Brinkmann, head of new issues
Alexander Liebethal, head of new issues
Jürgen Köstner, head of investor relations

Guarantee Explicit and direct state guarantee.
Ownership
structure
Federal Republic of Germany: 80%
German Federal States: 20%
Private
placement
policy
KfW issues bonds and notes in the form of private placements in order to satisfy the demand from institutional investors for customised products. The structure, currencies and maturities of these bonds bearer bonds and notes are flexible and tailored to the specific investment needs of individual investors.

European Sovereign Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 4.88 3 16.63%
2 HSBC 3.99 3 13.59%
3 JPMorgan 3.00 3 10.22%
4 Citi 2.89 2 9.85%
5 Barclays 2.33 2 7.92%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Citi 7.41 12 15.37%
2 Deutsche Bank 4.69 6 9.73%
3 JPMorgan 4.60 9 9.55%
4 BMO Capital Markets 3.83 3 7.95%
5 BofA Securities 3.72 5 7.73%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 8.94 15 10.68%
2 HSBC 8.30 9 9.91%
3 SG Corporate & Investment Banking 7.46 7 8.91%
4 UniCredit 7.12 11 8.50%
5 Citi 6.84 7 8.17%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Citi 14.79 19 9.78%
2 JPMorgan 14.45 40 9.56%
3 HSBC 12.32 18 8.15%
4 Deutsche Bank 10.51 17 6.96%
5 SG Corporate & Investment Banking 9.06 9 6.00%