KfW in the news

  • Tui starts long road to deleveraging with third bailout

    Travel company Tui announced its third bailout package since March on Wednesday, adding a substantial equity cheque to more state-backed debt, as troubled companies shift their focus from emergency cash to stable capital structures. A sharp rally in the company’s shares helped firm up the rescue package, but some questioned whether the new money will be enough.

    • 03 Dec 2020
  • Intesa taps MTNs for tier two debt

    Intesa Sanpaolo paid a visit to the MTN market this week to print a rare, privately placed tier two deal in euros.

    • 03 Dec 2020
  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the progress of Europe's supranationals and agencies in mid-November. Joining the scorecard this week is the European Union, which launched its Support to Mitigate Unemployment Risks in an Emergency (SURE) programme in October.

    • 13 Nov 2020
  • MTN investors on hold ahead of election

    A number of MTN investors are waiting for the result of the US election before committing themselves to the market, meaning next week is set to be a quiet one.

    • 23 Oct 2020
  • KfW EUR3bn 0% Dec 27

    • 15 Oct 2020
  • Euro SSA market strong ahead of EU arrival

    It was a moderate week for supply in the primary euro public sector bond market but the issuers that did come found ample demand, setting up a decent backdrop for the expected arrival of the European Union’s big borrowing programme next week.

    • 15 Oct 2020
  • KfW and Paris score in quiet euro SSA market ahead of EU’s arrival

    KfW and Ville de Paris grabbed the attention of investors at the opposite ends of the euro curve on Tuesday in what has been a thin week for issuance in the currency by public sector borrowers ahead of the expected arrival of the EU’s first syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme next week.

    • 13 Oct 2020
  • KfW readies seven year euro benchmark

    KfW mandated banks for a seven year euro benchmark on Monday, a deal which was already expected to arrive this week and could well be the German agency’s final public deal in the currency this year.

    • 12 Oct 2020
  • KfW rumoured for next week as Saxony sells only half of seven year bond

    KfW could be set to hit screens with a euro benchmark next week in what may be its final public deal in the currency this year, according to bankers. The bond is likely to come with a seven year maturity, a tenor that the Free State of Saxony struggled with on Thursday, finishing with the book only around half covered.

    • 08 Oct 2020
  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the start of the fourth quarter.

    • 05 Oct 2020
  • BNG prints longest ever sustainability bond

    Bank Nederlandse Gementeen kicked off a busy week for socially responsible bond issuance by public sector borrowers with a well-received 12 year sustainable bond, its longest ever deal in that format.

    • 01 Oct 2020
  • SSA secondary pricing update: OTFT dual tranche performs strongly

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, September 28. The source for secondary trading levels is ICE Data Services

    • 29 Sep 2020
  • Cades and IDA set new size records

    Caisse d’Amortissement de la Dette Sociale (Cades) and the International Development Association set new size records this week, with the former bringing the biggest ever social bond in dollars and the latter issuing its biggest ever bond since entering the capital markets in 2018.

    • 17 Sep 2020
  • Cades debuts social framework in dollars

    French agency Cades and the International Development Association returned to the dollar market for the first time since the summer break on Tuesday to bring a pair of five year socially responsible deals.

    • 15 Sep 2020
  • Cades lines up first dollar social bond

    French agency Cades will debut its social bond framework in dollars on Tuesday, less than a week after it raised the largest ever bond in the format with its inaugural issue in euros. It will share the market with the International Development Association (IDA), which is preparing to kick off its 2020/21 funding year with a sustainable development benchmark of its own.

    • 14 Sep 2020
  • Tui bondholders agree to KfW rescue loan

    German travel company Tui’s bondholders have agreed to suspend limits on the debt the company can incur, opening the door to a rescue loan from KfW and a convertible bond injection from the German government's economic stability fund.

    • 10 Sep 2020
  • Euro SSA market reopens with all eyes on EU juggernaut

    Public sector borrowers found themselves in a tricky position as they returned to the primary euro market this week as they attempted to strike a balance between current secondary levels and where the market is heading with the arrival of the European Union’s giant borrowing programme from September.

    • 27 Aug 2020

KfW data breakdown

Sources: KfW, Dealogic

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

 

See Funding scorecard: European supranationals and agencies for KfW's funding progress this year. 

 

KfW

Dealer League Table KfW

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 HSBC 5.74 11 8.49%
2 Citi 5.74 10 8.47%
3 BofA Securities 5.64 9 8.33%
4 JPMorgan 5.05 11 7.46%
5 Barclays 4.81 8 7.11%


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 $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 42.49 60 10.43%
2 BNP Paribas 35.95 41 8.82%
3 Citi 29.08 41 7.14%
4 BofA Securities 25.35 63 6.22%
5 Barclays 23.24 40 5.70%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Citi 58.51 141 11.30%
2 JPMorgan 45.86 103 8.86%
3 Goldman Sachs 36.90 61 7.13%
4 HSBC 35.58 101 6.87%
5 BofA Securities 33.73 82 6.52%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 75.90 169 8.83%
2 BNP Paribas 71.26 133 8.29%
3 UniCredit 60.36 142 7.03%
4 Credit Agricole CIB 54.18 127 6.31%
5 HSBC 52.56 169 6.12%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 144.96 408 7.46%
2 Citi 123.55 295 6.36%
3 HSBC 106.55 351 5.48%
4 BofA Securities 94.90 253 4.88%
5 BNP Paribas 93.31 217 4.80%