KfW in the news

  • GC BondMarker: MuniFin's short dollars get the edge on KfW

    The vote are in and the scores have been counted. The GC BondMarker voters have delivered their verdict on two benchmarks from the week commencing July 10: a €1bn 15 year from KfW and a three year dollar note from Municipality Finance.

    • 20 Jul 2017
  • KfW lands €1bn ahead of ECB meeting

    KfW printed a €1bn tap of a July 2022 line on Wednesday, sneaking in a deal ahead of the European Central Bank meeting on Thursday.

    • 19 Jul 2017
  • KfW EUR1bn 1.125% Sep 32

    • 13 Jul 2017
  • EFSF to enter hot euro market, Greece too?

    The European Financial Stability Facility is set to enjoy enviable conditions when it comes to the euro market next week — during which the Greek sovereign could also make an appearance. Demand at the long end has been particularly strong due to a yield spike last week, which KfW and SCNF Réseau have since taken advantage of.

    • 13 Jul 2017
  • PPs providing long euros and FRNs

    The private placement market is proving its worth at the long end in euros and with dollar floaters, helping issuers make the most of excellent conditions.

    • 13 Jul 2017
  • SNCF Réseau and KfW snap up big bid at euro long end

    SNCF Réseau launched its first 30 year green bond on Tuesday, following the example set by European Investment Bank at the end of June. KfW was also out in euros with a long 15 year — and more borrowers might be tempted to bring euro deals at the long end, said bankers.

    • 11 Jul 2017
  • SSAs go long as euro govvie storm calms

    Respite from a two week old rout in eurozone government bond yields allowed two public sector borrowers on Monday to venture out with mandates for long dated euro deals. But analysts warned that the sovereign bond sell-off could have more room left to run.

    • 10 Jul 2017
  • GC BondMarker: IADB and Spain excel but KfW lags

    Benchmarks from the Inter-American Development Bank, KfW and Spain have now been scored in GC BondMarker. While two of the deals met with a warm reception from voters, one deal was not so popular.

    • 06 Jul 2017
  • KfW EUR5bn 0.125% Oct 24

    • 29 Jun 2017
  • EFSF next up in red hot euro market

    The euro market showed its strength for SSA borrowers this week, as Agence Française de Développement succeeded in bringing a deal after requesting a change in its banking licence and KfW kept up its record of raising €5bn with every euro benchmark this year despite a volatile backdrop.

    • 29 Jun 2017
  • Euros on fire as Spain and KfW go large, AFD and EFSF line up

    Euro conditions are excellent for public sector borrowers, with Spain pulling in a nearly €30bn book for an €8bn 10 year — which bankers away from the trade said indicated a high presence of quality investors — and KfW raising €5bn after picking a seven year deal over a shorter tenor. Another pair of issuers are now looking to take advantage.

    • 27 Jun 2017
  • Spain and KfW mandate as big borrowers return

    The euro market for public sector borrowers looks set to kick back into action after a quiet last week, with a pair of big borrowers mandating for trades to come on Tuesday.

    • 26 Jun 2017
  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the funding progress various European supranationals and agencies have made in their funding programmes.

    • 23 Jun 2017
  • KfW keeps it short in dollars

    KfW is the solitary SSA issuer out in dollars so far this week, and it is sticking to the very short end with an 18 month deal, a week before a US Federal Open Market Committee meeting at which investors overwhelmingly believe it will raise its target rate.

    • 06 Jun 2017
  • Secondary pricing update: featuring JBIC's $5bn multitranche

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    • 26 May 2017
  • JBIC joins $5bn club in hot dollar mart

    A strong public sector dollar market welcomed one issuer's first $5bn sized deal this week. It was not even the only borrower to sell in size but with SSAs well-funded, there are few expectations of more large trades.

    • 25 May 2017
  • KfW USD5bn 1.625% May 20

    • 25 May 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
  • 19 Jul 2017
1 Goldman Sachs 6,251.88 7 11.50%
2 Bank of America Merrill Lynch 4,754.79 7 8.74%
3 Deutsche Bank 4,728.37 6 8.69%
4 Barclays 4,532.41 7 8.33%
5 JPMorgan 3,586.91 8 6.60%


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
  • Today
1 Citi 14,891.10 17 9.36%
2 HSBC 13,214.67 18 8.30%
3 Barclays 12,759.91 17 8.02%
4 BNP Paribas 12,133.14 16 7.63%
5 JPMorgan 10,064.78 13 6.33%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 34,249.78 84 12.02%
2 JPMorgan 30,938.47 81 10.86%
3 HSBC 22,416.83 55 7.87%
4 Bank of America Merrill Lynch 20,817.31 63 7.30%
5 Deutsche Bank 19,672.75 44 6.90%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 44,660.25 134 7.09%
2 HSBC 43,386.57 158 6.89%
3 Barclays 42,008.53 135 6.67%
4 JPMorgan 39,789.56 124 6.31%
5 Citi 36,838.62 118 5.85%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Citi 65,312.22 223 7.51%
2 JPMorgan 64,705.99 351 7.44%
3 HSBC 56,834.76 211 6.54%
4 Barclays 49,199.38 146 5.66%
5 Bank of America Merrill Lynch 46,028.22 140 5.29%