KfW
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KfW first to return to the primary market with opportunistic sterling tap
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◆ Only €5bn left of €80bn funding task ◆ Dollars and smaller currencies on the menu ◆ ‘Right demand, right product, right time’
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◆ Three year bond cost ‘flattish to euros’ ◆ Tight Treasury spread? No bother ◆ €10bn left to do of €80bn target
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◆ KfW issues its final dollar benchmark of 2024 ◆ Dollar cost improved but remains pricier than euros ◆ Agency peers BNG, KBN also found support
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◆ Transaction ‘complements’ short end sterling trend ◆ Development bank prices flat to curve ◆ A book size ‘which you don’t see every day in the sterling market’
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Fast money goes missing as issuers try to sell at tight spreads
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◆ Greenium in play ◆ Smaller book, right price, 'happy days' ◆€10bn green issuance target met
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◆ OeKB jumps in early window ◆ Deal was its longest in sterling ◆ KfW finds window for small tap
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German development bank launches opportunistic £650m deal in quiet window
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‘Better execution and pricing’ to come as German agency expects to fund €15bn less than higher end of previous range
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‘Still some work to be done’ in bond market’s digital transition
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Rentenbank and EIB among those taking advantage of the French elections relief