KfW
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German agency is now about 25% funded, and with greater currency diversification compared to last January -
◆ 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
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◆ Diverging views on new issue concession ◆ Huge books for each tranche ◆ Issuer takes a big bite out of 2025 funding need
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◆ Joint largest size from non-UK public sector issuer ◆ ADB also raised £1bn ◆ Cross currency basis allows for sterling concession
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In euros, KfW and Belgium will test new year clearing levels
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One or two German speaking issuers could issue this week
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◆ Deal more than twice covered ◆ Pricing tightens 3bp ◆ KfW expected to open supply next week
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Bond market will closely watch debate on the debt brake in an election year
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Bloc set to lean on auctions to help achieve next year's borrowing task
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German agency aims to raise around 15% of 2025 target via green bonds as it sets upper limit on tapping euro benchmarks
