KfW
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Public sector borrowers are taking different approaches to the MTN market as they look to see out the rest of the funding year.
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KfW received a final book of over €12bn for a five year euro benchmark on Tuesday, while the City of Hamburg closed out its funding for the year with its longest outstanding bond. Finnvera will add to the euro SSA supply this week, after mandating banks for a short 10 year that is likely to be its final syndication of the year.
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A funding official at KfW has switched to the corporate sector.
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KfW mandated banks on Monday for the first euro benchmark in the public sector market from a supranational or agency in two weeks.
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A three times subscribed deal by KfW this week showed that there is plenty of green demand for issuers looking to print in the format in the remainder of the year, as a fellow German agency moved forward with plans to bring a trade.
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KfW priced through its curve on Wednesday as it wrapped up its green bond programme for the year with a more than three times subscribed trade.
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Bank Nederlandse Gemeenten and KfW mandated banks on Tuesday for euro issues at opposite ends of the curve.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the start of the fourth quarter.
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A global equity sell-off mid-week caused some jitters among bankers covering a live Kommunalbanken dollar deal on Wednesday, but the nervousness proved unfounded as the trade came through to acclaim. The deal was typical in a week where SSAs priced tight and with big books despite choppy wider markets.
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SSAs are enjoying strong conditions in dollars, with KfW and the Province of Ontario finding plentiful demand on Wednesday despite bringing deals that on-looking bankers said were “pretty much” in line with secondaries. Kommunalbanken will price a dollar benchmark on Thursday that leads said was following a similar pattern.