KfW
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Agency has funded around 50% of its €65bn-€70bn programme -
◆ German bank tightens 3bp from guidance with minimal NIP ◆ Larger tap than usual ◆ Succeeds in face of tariff uncertainty
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◆ 'Reasonable interest' in sterling market ◆ Popular tenors accessed ◆ Neither issuer tightens pricing from guidance
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Issuer makes saving versus home currency and discovers ‘extraordinary’ real money demand
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◆ Prices tight to US Treasuries ◆ Swap spreads move during bookbuilding ◆ It would 'not have been good' to be in euros
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◆ EBRD priced off primary ◆ KfW achieves greenium? ◆ Tight pricing on both deals
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Rarity value and state guarantee help KfW seal tightest print of the year so far
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◆ KfW grows green line to record size ◆ Rentenbank went 'extraordinarily well' despite competition ◆ L-Bank brings fixed/floating combo in dollars
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German agency is now about 25% funded, and with greater currency diversification compared to last January
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◆ KfW to price with tight Treasury spread ◆ BNG ‘able to sufficiently differentiate itself’ ◆ Massive books continue from last week
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Mandates flood in for dollar and euro deals as EU prepares to offer dual-tranche deal
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Development bank aims to continue early success in the dollar market next week
