KfW
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A new Norwegian krone line from KfW and a tiny Kangaroo tap from Kommuninvest made it to market this week despite difficult external conditions.
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KfW on Thursday sold the largest euro benchmark of the year from a supranational or agency — clearing a deal €2bn larger than any of its peers’ efforts in 2015. -
One of the biggest borrowers in the public sector capital markets is gearing up to test demand in the belly of the euro curve, two days after a less than ecstatic investor response to a 10 year from Finland.
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KfW hit the sterling market on Monday with a tap of a short dated line, as the issuer’s short-end spread over Gilts reached a year high.
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KfW has visited the syndicated market with in bond in an unconventional tenor on a Friday — typically a quiet day for deals — for the second week in a row.
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KfW was able to double its minimum target with a rare 20 year bond on Friday, using a tactic that SSA bankers away from the deal believe other issuers could follow over the summer.
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KfW on Friday priced the largest Kangaroo deal since April and has reopened the Australian market for more supranationals and agencies to follow, said niche currency bankers.
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KfW has announced the successor to Horst Seissinger, the head of capital markets at the development bank, who will retire early next year.
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A smaller than typical seven year euro benchmark for KfW on Tuesday underlined how difficult execution in euros has become for public sector borrowers.
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Germany’s jewel in the SSA crown, KfW, drew a gasp of horror on Tuesday when it set out to sell a seven year benchmark, but only limped to €2bn. That should ring alarm bells in the offices of every European public sector borrower.
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A trio of SSA issuers are set to pepper the euro curve on Tuesday, despite waves of volatility engulfing the market over the past few weeks.
