When the bond issues of Germany's two main development agencies, Kreditanstalt für Wiederaufbau (KfW) and Deutsche Ausgleichsbank (DtA), were formally given the explicit guarantee of the Federal Republic of Germany at the start of April, it confirmed in the eyes of international investors what the two banks had been saying in any event for years: that, to all intents and purposes, there is no difference in terms of credit quality between them and government bonds.
November 01, 1998