KfW in the news

  • KfW achieves a ‘blowout’ in sweet spot as ESM posts RFP

    KfW gathered strong demand for its bond issue on Wednesday — the third seven year euro deal from an SSA issuer this week — as investors saw relative value in it. The European Stability Mechanism is looking to follow with a similar tenor after sending banks a request for proposals for its first benchmark of the year.

    • 05 Feb 2020
  • EU regulations could slow €STR growth

    Few MTN issuers have so far issued in the Libor-replacing euro short term rate (€STR) format, with deals limited so far to supranationals, agencies and, this week, a sub-sovereign. Some bankers blame the 2017 EU Prospectus Directive for tightening up the rules on adding new indices to programmes, leaving non-exempt issuers on the sidelines.

    • 30 Jan 2020
  • KfW USD5bn 1.625% Feb 23

    • 16 Jan 2020
  • Full dollar curve explored by strong SSA market

    The dollar SSA bond market, unfettered by geopolitical volatility, enjoyed an excellent week, although it is still lagging behind the euro market in terms of overall supply.

    • 16 Jan 2020
  • Tight dollar successes for KfW and Canada

    KfW and Canada both launched dollar benchmarks on Wednesday, bringing a pair of highly subscribed and tight deals. Following their success, two Asian SSA issuers prepare to join the busy dollar market.

    • 14 Jan 2020
  • D Glasfaser signs €1.8bn but German lending outlook bleak

    Germany’s Deutsche Glasfaser, a fibre cable company, has almost tripled its bank credit facility up to €1.8bn. But the country’s development bank, KfW, warned that lethargic lending growth will continue in Europe’s biggest economy.

    • 14 Jan 2020
  • Canada and KfW line up in popular dollar market

    KfW picked banks on Monday to lead the dollar market's first three year SSA deal of the year, while infrequent issuer Canada is looking to ride the recent wave of five year dollar supply after appointing banks to lead a new benchmark deal.

    • 13 Jan 2020
  • KfW EUR5bn 0% Feb 25

    • 09 Jan 2020
  • KfW GBP1.5bn 0.875% Jul 24

    • 09 Jan 2020
  • SSAs and FIG seize sizzling sterling amid Brexit bounce

    The sterling bond market, usually buoyant enough at the start of a year, got a Brexit boost this week, allowing public sector borrowers and financial institutions to take full advantage. Investors piled into deals following greater clarity on the UK’s looming exit from the EU but before possible volatility around the January 31 departure date. Burhan Khadbai and David Freitas report.

    • 09 Jan 2020
  • Nokkie SSA market races to strong start

    KfW, the European Investment Bank (EIB) and, in the medium-term note (MTN) market, a German region and a Finnish agency have kicked off the Norwegian krone market for SSAs. Bankers are hoping to extend krone’s impressive form from last year into 2020.

    • 08 Jan 2020
  • KfW opens the floodgates for euro SSA market

    A strong reception for a five year euro benchmark by KfW on Tuesday was enough to lure in a hesitant flock of public sector borrowers to the euro market as the pipeline stacks up for Wednesday’s business.

    • 07 Jan 2020
  • EIB and KBN to reopen dollar SSA market, KfW readies euro return

    The pipeline is starting to fill in the public sector bond market with the European Investment Bank and Kommunalbanken set to bring dollar deals and KfW preparing its first euro benchmark of the year. More deals — including the first sovereign syndication of the year— are set to follow this week.

    • 06 Jan 2020
  • KfW sets new size record in sterling, KBN to follow

    KfW broke new ground in the sterling bond market on Monday by bringing its largest ever benchmark in the currency. Kommunalbanken is looking to latch on to the red hot market too after picking banks to lead a new December 2024 trade.

    • 06 Jan 2020
  • EIB and IADB make sterling start to 2020

    The European Investment Bank and the Inter-American Development Bank amassed strong demand from investors to kick off their funding programmes for the year on Friday, with the former receiving the biggest ever order book in the sterling supranational and agency bond market, according to the leads.

    • 03 Jan 2020
  • KfW’s Czichowski retiring in 2020, replacement announced

    Frank Czichowski, KfW’s treasurer for more than 15 years, will be retiring in 2020. KfW has announced that it will hire the former treasurer of another German agency as his replacement.

    • 19 Dec 2019
  • Sterling SRI bond market roars into life

    Sterling is set to take a bigger slice of the socially responsible bond market as a result of a number of initiatives, including reforms that are putting the pressure on UK pension funds to focus on environmental, social or governance (ESG) factors in their investments. Burhan Khadbai reports

    • 13 Dec 2019

KfW data breakdown

Sources: KfW, Dealogic

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


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



Dealer League Table KfW

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 HSBC 3.72 6 15.16%
2 BofA Securities 3.01 4 12.29%
3 Citi 2.54 3 10.36%
4 Commerzbank Group 2.34 3 9.55%
5 JPMorgan 2.30 3 9.39%


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.
Federal Republic of Germany: 80%
German Federal States: 20%
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 11.35 16 13.38%
2 Citi 7.29 9 8.59%
3 BNP Paribas 6.40 10 7.55%
4 Goldman Sachs 6.07 9 7.16%
5 SG Corporate & Investment Banking 5.99 6 7.06%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Citi 11.58 21 12.74%
2 JPMorgan 8.31 15 9.14%
3 BofA Securities 6.39 20 7.03%
4 TD Securities Inc 6.21 12 6.83%
5 Goldman Sachs 5.78 14 6.36%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 18.07 27 11.19%
2 BNP Paribas 12.28 21 7.60%
3 HSBC 11.44 27 7.08%
4 SG Corporate & Investment Banking 10.56 15 6.54%
5 BofA Securities 10.00 23 6.19%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 29.50 68 9.19%
2 Citi 23.40 52 7.29%
3 HSBC 19.80 61 6.17%
4 BofA Securities 18.39 55 5.73%
5 Barclays 17.35 44 5.40%