KfW in the news

  • 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
  • JBIC lines up quadruple tranche as KfW scores $5bn at three years

    KfW launched a three year global on Tuesday, raising $5bn, while Japan Bank for International Cooperation picked banks for a four tranche dollar trade.

    • 23 May 2017
  • OeKB goes big in sterling

    Oesterreichische Kontrollbank (OeKB) returned to the sterling market on Tuesday, raising £350m with a five year deal.

    • 23 May 2017
  • KfW out in dollars amid swap spread bounce

    KfW will be the first public sector borrower to test a dollar market where swap spreads have rebounded off the 2017 lows they hit in the middle of last week.

    • 22 May 2017
  • Issuers flurry after moment's silence in Kanga market

    The Kangaroo market witnessed a flurry of deals this week as issuers dipped into an investor base starved of paper. The rush of deals follows a period of inactivity during which pricing –– compared with other niche currencies –– had been unfavourable, forcing issuers to wait until costs worked for them again.

    • 18 May 2017
  • KfW latest investor to sharpen focus on SRI in portfolio

    KfW has raised the threshold of sustainability it requires as an investor, the latest in a growing trend for bond buyers to focus on the impact of their investments.

    • 15 May 2017
  • SSAs eye long shots in hot euro market

    Emmanuel Macron’s election as French president last weekend was the catalyst for a flood of revved up euro deals this week, with issuers and investors aiming at the long end of the curve as the biggest known political risk in Europe this year passed with a market-friendly outcome. Craig McGlashan reports.

    • 11 May 2017
  • KfW EUR2bn 0.25% Jun 25 green bond

    • 11 May 2017
  • SRI pipe swells as KfW sets tone

    The SRI bond pipeline for public sector borrowers looks fit to burst, with a string of issuers planning deals and KfW setting a marker with a thumping trade this week.

    • 11 May 2017
  • KfW scores triple whammy with bumper green bond

    KfW has sold the largest ever new green bond issue from a supranational or European agency, printing flat to its curve with a green deal for the first time and drawing a remarkably high level of Asian investor interest for a euro trade. More SRI issuance is on the way, after Dutch agency FMO announced a sustainability bond roadshow.

    • 09 May 2017
  • KfW back in green euros

    KfW is set to bring its first green bond in euros in nearly a year, with the deal coming amid a flurry of conventional trades in the currency. KommuneKredit is also in the SRI pipeline, after running a roadshow to introduce its green bond framework.

    • 08 May 2017
  • GC BondMarker — KfW's five year euros

    Last week's sole benchmark, a KfW outing in five year euros, impressed the GC BondMarker voters, who awarded it high grades in all categories. But how did it compare with KfW's other offerings this year?

    • 27 Apr 2017
  • Rentenbank offers another run at 'Roo

    Rentenbank added a A$100m ($75.6m) tap to its March 2027 Australian dollar bonds on Monday, a line it has tapped frequently since opening it in September.

    • 24 Apr 2017
  • KfW taps Kangaroo after euro print

    KfW tapped a four year Australian dollar bond on Thursday, after raising €5bn in the euro market the day before.

    • 20 Apr 2017
  • KfW EUR5bn 0% Apr 22

    • 20 Apr 2017
  • KfW scoops €5bn as EFSF lines up next test

    The euro market will be tested quickly following the first round of the French presidential election on Sunday as the European Financial Stability Facility has sent out a request for proposals.

    • 19 Apr 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
  • 24 May 2017
1 Bank of America Merrill Lynch 4,421.51 6 9.88%
2 Goldman Sachs 4,393.17 6 9.81%
3 Barclays 4,031.73 4 9.01%
4 JPMorgan 3,586.91 8 8.01%
5 HSBC 3,538.56 6 7.90%


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
  • 23 May 2017
1 Barclays 10,691.12 15 8.76%
2 BNP Paribas 10,516.31 14 8.62%
3 Citi 10,121.17 12 8.30%
4 HSBC 9,193.03 13 7.53%
5 JPMorgan 8,809.30 12 7.22%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 May 2017
1 JPMorgan 25,552.69 63 5.96%
2 Citi 24,119.11 60 5.63%
3 Deutsche Bank 17,545.97 37 4.09%
4 HSBC 16,628.60 40 3.88%
5 Barclays 13,251.34 33 3.09%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2017
1 JPMorgan 22,518.92 50 8.33%
2 BNP Paribas 21,790.92 38 8.06%
3 Barclays 21,543.33 50 7.97%
4 HSBC 19,548.33 56 7.23%
5 UniCredit 18,534.46 46 6.86%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 03 Apr 2017
1 JPMorgan 39,067.52 180 8.50%
2 Citi 32,458.25 115 7.06%
3 Barclays 30,658.65 76 6.67%
4 Deutsche Bank 29,302.58 107 6.38%
5 HSBC 28,071.48 101 6.11%