KfW

KfW

KfW this week printed its widest five year KfW dollar benchmark since 2009 as negative swap spreads took their toll on pricing despite an improving macroeconomic backdrop.

Nordic Investment Bank has printed the second dollar benchmark from an SSA this week, as issuers contend with the effects on pricing of negative swap spreads.

Nordic Investment Bank is preparing a three year dollar benchmark, following a KfW five year deal that had to brave a backdrop of negative swap spreads.

KfW hit screens with a five year dollar benchmark on Tuesday that is offering the issuer’s widest swap spread at the tenor in several years, which bankers away from the mandate attributed to negative swap spreads and market-wide volatility last week.

This week's funding scorecard looks at the funding progress of European supranationals and agencies

KfW has made an internal promotion to replace its former head of new issues Petra Wehlert, who became head of capital markets at the German agency on February 1.

Bankers say that five years appears to be the right point in euros in a week in which a raft of issuers hit the books.

Two new working groups of the Green Bond Principles will begin work next week, on defining greenness and on impact reporting. The move is part of the green bond market’s effort to define itself more clearly, partly in the hope that governments might ultimately subsidise it.

KfW and the European Investment Bank nipped in with one-day executions on Thursday, raising €1bn apiece in what has been a turbulent week.

While markets have been badly affected by a mixture of worrying economic data from China, falling commodity prices and a continued slump in many emerging markets, the SSA market looks solid.

FMS Wertmanagement has added £150m to a two year benchmark due to mature in April 2018.