KfW
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The European Investment Bank (EIB) and KfW reopened the sterling SSA bond market this week with the first public trades since early June. Demand for the currency has been strong all year round, but supply has wavered as a result of a less attractive cross currency basis swap. -
KfW reopened the sovereign, supranational and agency (SSA) dollar market this week, with the borrower finding a far more welcoming reception than its euro outing a day earlier.
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KfW and Bpifrance hit screens with taps of existing debt on Tuesday, with levels so tight that the sovereign, supranational and agency market’s best rated names are finding it trickier to get traction from investors.
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On Tuesday, the European Investment Bank took a near-identical approach to KfW on Monday, as it tapped a bond at the short end in sterling, and found similarly strong levels of demand, allowing it to issue £150m more than its planned minimum target.
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KfW restarted the sterling SSA bond market on Monday, with the first public deal since early June. The German agency found good demand, allowing it to print a size above its minimum target.
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Three SSA borrowers issued a total of £200m ($255m) of medium-term notes in response to an inquiry for three year non-call one fixed rate sterling bonds on Tuesday — which probably all sold to the same buyer — amid an uptick of paper in the currency.
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KfW returned to the market on Wednesday for its second five year euro benchmark of the year. The €5bn 0% July 2024 note was issued with the lowest yield the German agency has ever paid.
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KfW returned to the market for its second five year euro benchmark of the year. The €5bn zero coupon note was issued with the lowest yield ever printed by the German issuer.
