KfW makes short but sweet appearance in dollars with extended two year global bond
KfW brought a much anticipated short-dated global benchmark on Tuesday, opting for a long two year deal rather than a more widely expected three year trade. The issuer was forced to strike a balance between its own balance sheet requirements while still trying to offer something sufficiently appetising to investors in terms of yield and spread.
“We were looking at the short end of the curve and had discussions with our banks but we were not decided on a trade of two or three years leading up to the deal,” said Klaus-Peter Eitel, head of dollar funding at KfW.
“In the end, internal ALM needs
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