KfW in the news

  • Inflation knocks shine off sterling SSA market

    A higher than expected UK inflation rate led to a sell-off in Gilts this week, a move that may put an end to what has been a remarkable run of traffic in sterling SSA bond issuance.

    • 23 Mar 2017
  • IFC considers green Kangaroo bond

    The International Finance Corporation could use the Kangaroo market to expand its burgeoning green bond programme.

    • 23 Mar 2017
  • EIB and KfW scoop long end euros

    The European Investment Bank and KfW on Wednesday tapped the long end amid an otherwise quiet euro market.

    • 22 Mar 2017
  • KfW grabs £300m three year tap

    KfW launched a £300m tap of a December 2019 line on Wednesday, pulling in over £350m of orders in spite of sharp swings in the strength of the currency.

    • 15 Mar 2017
  • Turbulent week for core markets to slow SSA borrowing

    Public sector borrowers will take a pause from primary this week as they dodge possible volatility during a week riddled with political and economic risk events in three major currencies.

    • 15 Mar 2017
  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the progress European supranationals and agencies have made during the first two months of the year.

    • 03 Mar 2017
  • Banks ignoring risks to shipping loans from climate reforms

    Shipping loans are already a problem asset class for many banks, but lenders are risking further problems by failing to do proper due diligence on how the shipping fleet will cope with decarbonisation, experts believe.

    • 03 Mar 2017
  • KfW USD4bn 1.75% Mar 20

    • 02 Mar 2017
  • SSAs enjoy ‘Goldilocks’ conditions in dollars, as March Fed hike looms

    US President Donald Trump’s first speech to Congress, a remarkable switch in Federal Reserve rate expectations and swap spreads falling from their early week highs all failed to derail a stellar week for public sector dollar issuance. More trades are expected to come next week, before the market quiets ahead of the Fed’s next rate decision and a Dutch general election where the far-right Party for Freedom (PVV) is expected to perform well.

    • 02 Mar 2017
  • Trump speech fails to tarnish stellar SSA conditions

    Market participants have grown used to US president Donald Trump’s ability to shift markets and induce volatility with only 140 characters, but Tuesday’s address to Congress appears to have been digested without spoiling the mood in SSAs.

    • 01 Mar 2017
  • KfW, EBRD blast through in dollars, more tipped to come

    KfW and the European Bank for Reconstruction and Development took full advantage of a strong environment to sell dollar benchmarks on Tuesday. Further dollar issuance is rumoured this week — with conditions so good that deals may come despite potential volatility from US president Donald Trump making his first speech to Congress during the New York evening on Tuesday night.

    • 28 Feb 2017
  • BoE gets $2bn as EBRD and KfW line up

    The public sector dollar market is showing a few signs of life this week as KfW and the European Bank for Reconstruction and Development picked banks for benchmarks, while the Bank of England launched its annual foray in the currency.

    • 27 Feb 2017
  • BondMarker results — featuring KfW, Alberta and EAA

    The scores are in. See how market participants rated KfW's €5bn 10 year, Alberta's sterling debut and EAA's $1bn two year.

    • 23 Feb 2017
  • KfW EUR5bn 0.625% Feb 27

    • 16 Feb 2017
  • SSA market calms after wild ride

    After a tumultuous week of blowouts and recoveries in European government bond spreads, this week is looking more settled and healthy. However, the feverish pace of issuance has also abated.

    • 15 Feb 2017
  • KfW lands 10 year euro whopper

    KfW sold its second euro benchmark of the year on Tuesday, scoring €5bn at the difficult 10 year area of the curve in what a banker away from the trade called “a positive sign for the market”.

    • 14 Feb 2017
  • KfW to come for euros as SSA tempo slows

    KfW announced on Monday that it would sell a 10 year euro benchmark on Tuesday. But the breakneck pace of public sector issuance since the start of the year is expected to slacken this week.

    • 13 Feb 2017

KfW data breakdown

Sources: KfW, Dealogic

Credit rating Aaa/AAA
Basel II risk weighting
0%
Headquarters
Palmengartenstraße 5-9,
60325 Frankfurt am Main,
Germany


KfW

Dealer League Table KfW

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Mar 2017
1 Bank of America Merrill Lynch 2,757.36 5 10.41%
2 Barclays 2,699.93 3 10.20%
3 Deutsche Bank 2,364.67 3 8.93%
4 JPMorgan 2,188.04 6 8.26%
5 UniCredit 2,185.22 3 8.25%


Key
officials

Frank Czichowski, treasurer
Petra Wehlert, head of capital markets
Otto Weyhausen-Brinkmann, head of new issues
Alexander Liebethal, head of new issues
Jürgen Köstner, head of investor relations

Guarantee Explicit and direct state guarantee.
Ownership
structure
Federal Republic of Germany: 80%
German Federal States: 20%
Private
placement
policy
KfW issues bonds and notes in the form of private placements in order to satisfy the demand from institutional investors for customised products. The structure, currencies and maturities of these bonds bearer bonds and notes are flexible and tailored to the specific investment needs of individual investors.

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 Barclays 7,850.85 11 9.64%
2 BNP Paribas 7,280.82 10 8.94%
3 JPMorgan 6,400.12 9 7.86%
4 Citi 6,397.23 7 7.85%
5 HSBC 5,782.53 9 7.10%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 07 Mar 2017
1 JPMorgan 13,983.25 38 11.62%
2 Citi 12,835.76 34 10.66%
3 TD Securities Inc 9,199.65 20 7.64%
4 HSBC 8,885.36 22 7.38%
5 Deutsche Bank 7,825.80 21 6.50%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Mar 2017
1 Barclays 16,566.61 33 9.78%
2 JPMorgan 14,128.94 27 8.34%
3 Bank of America Merrill Lynch 12,288.23 26 7.26%
4 Credit Agricole CIB 11,879.83 26 7.02%
5 HSBC 11,124.72 31 6.57%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 38,272.69 159
2 Citi 31,489.91 112
3 Barclays 29,902.18 73
4 HSBC 27,124.22 95
5 Deutsche Bank 26,280.34 101