KfW in the news

  • Funding scorecard: European supranationals and agencies

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

    • 20 Jan 2017
  • KfW offers more backing for EM clearing guarantor

    KfW has invested more money in Frontclear, an organisation which offers guarantees to help clear emerging market and frontier market trades, boosting access to international interbank markets.

    • 18 Jan 2017
  • Borrowers crowd into euros as EIB aims for long end

    The pipeline for euro issuance is filling up once again as the European Investment Bank looks to raise funds at 10 years, although a deal from KfW on Tuesday appeared to struggle to reach €1bn.

    • 17 Jan 2017
  • KfW USD5bn 2.125% Mar 22

    • 12 Jan 2017
  • Dollar deluge but pricing still an art

    More dollar deals are expected next week following a searing few days for trades in the currency, but despite bumper books and deal sizes, some in the market feel there is still some price discovery work to do. Meanwhile, US president-elect Donald Trump made his presence felt on the issuance calendar.

    • 12 Jan 2017
  • MTNs poised for action when public market slows

    The market for medium term notes is expected to come to life over the next few weeks after a subdued start to 2017, with some bankers and issuers touting floating rate notes as the next big thing.

    • 12 Jan 2017
  • More dollars to follow Tuesday deluge before Trump takes charge

    Public sector borrowers tore $10bn of funding from the dollar market on Tuesday, shaving several basis points from initial price thoughts in the process. Only one benchmark is on screens for Wednesday, but SSA bankers expect next week’s run-up to the inauguration of Donald Trump as US president on January 20 will be — in Trump terminology — “huge”.

    • 10 Jan 2017
  • Super Tuesday as quartet hit screens in dollars

    Tuesday’s dollar market is set to be packed to the rafters, with a quartet of issuers out with trades and most of the focus at the five year part of the curve.

    • 09 Jan 2017
  • KfW GBP500m 0.875% Mar 2022

    • 05 Jan 2017
  • KfW EUR5bn 0.125% Jan 24

    • 05 Jan 2017
  • EIB sets sterling on rush to record

    A remarkable sterling deal from the European Investment Bank sparked off a week that could become a record opener for supranational and agency issuance in the currency.

    • 05 Jan 2017
  • Generous concessions bring rewards in euros as curve shortens

    Four sovereign, supranational and agency borrowers came to market for euros in the opening week of 2017, showcasing the market’s depth and flexibility. But the torrent of supply has meant that issuers haven’t had it all their own way.

    • 05 Jan 2017
  • Super hot SSA sterling close to record opener

    Searing conditions in the sterling market could lead to a record opening week of SSA issuance in the currency as a pair of issuers lined up deals for Friday — despite this only being a four day week.

    • 05 Jan 2017
  • KfW and Ireland showcase size in euros

    KfW and Ireland brought euro deals on Wednesday at the very top end of size expectations, alleviating a little of the pressure on what is set to be an extremely busy year in the currency. The trades came the same day as Municipality Finance mandated for a euro benchmark and a request for proposals came from the European Financial Stability Facility.

    • 04 Jan 2017
  • EIB cracks open sterling with a cracker

    The European Investment Bank set a marker on Wednesday that sterling issuance could be just as hot this month as it was in January last year — as another pair of issuers hoped to add further evidence of that this week.

    • 04 Jan 2017
  • Sovereigns, supranationals and agencies deals of the year

    As a year where political upsets became the norm drew to a close, GlobalCapital picks the standout trades from a turbulent 2016.

    • 03 Jan 2017
  • KfW caps off sterling’s record December

    KfW placed its final deal of the year on Tuesday, tapping a short dated sterling line and making this the busiest December for offshore SSA sterling issuance in over a decade.

    • 20 Dec 2016

KfW data breakdown

Sources: KfW, Dealogic

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


KfW data

Dealer League Table KfW

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jan 2017
1 JPMorgan 2,027.85 3 16.57%
2 Goldman Sachs 2,011.75 2 16.43%
3 TD Securities Inc 1,743.78 2 14.25%
4 LBBW 1,739.12 1 14.21%
4 HSBC 1,739.12 1 14.21%


Key officials Ulrich Schröder: chief executive officer
Günther Bräunig: member of the executive board 
Frank Czichowski: treasurer 
Jürgen Köstner: head of investor Relations
Horst Seissinger: head of capital markets
Petra Wehlert: head of funding
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
  • 17 Jan 2017
1 Morgan Stanley 1,158.55 2 14.54%
1 JPMorgan 1,158.55 2 14.54%
1 HSBC 1,158.55 2 14.54%
4 Bank of America Merrill Lynch 1,018.09 1 12.78%
5 Danske Bank 662.83 1 8.32%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Goldman Sachs 3,533.69 6 12.02%
2 JPMorgan 3,387.74 5 11.52%
3 HSBC 3,118.62 6 10.60%
4 Citi 3,063.28 6 10.42%
5 TD Securities Inc 2,869.30 6 9.76%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 10 Jan 2017
1 JPMorgan 3,111.53 5 17.78%
2 Bank of America Merrill Lynch 2,735.23 4 15.63%
3 HSBC 2,589.66 3 14.80%
4 LBBW 2,024.41 4 11.57%
5 Barclays 1,213.11 3 6.93%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,215.75 50 9.69%
2 Barclays 13,032.51 29 8.89%
3 Citi 12,864.73 34 8.77%
4 HSBC 11,755.65 26 8.02%
5 Bank of America Merrill Lynch 9,593.97 21 6.54%