KfW success marred by fee controversy

The undisputable attraction of a KfW three year bond priced at mid-swaps plus 10bp to 12bp was reflected in a Eu9bn book this week. However, some of the gloss has been taken away from the deal by the agency paying its usual fees of 7.5bp when Ireland paid 10bp, SFEF paid 12.5bp and the UK guaranteed banks paid 15bp. Credit Suisse, DZ Bank and HSBC however were prepared to step up to the plate and lead manage the deal. Read Friday's EuroWeek for the opinions of borrower and bankers on the fee question.

  • 19 Nov 2008

Jo Richards +44 20 7440 6021

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1 Citi 56,751.99 258 9.78%
2 HSBC 55,106.52 295 9.50%
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4 Deutsche Bank 27,197.53 109 4.69%
5 Standard Chartered Bank 24,407.97 175 4.21%

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1 JPMorgan 23,828.80 80 12.78%
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5 Deutsche Bank 9,721.98 26 5.21%

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3 UniCredit 2,390.81 17 7.30%
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5 Sumitomo Mitsui Financial Group 2,180.06 9 6.65%

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1 AXIS Bank 11,489.16 155 11.71%
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