Investors pile into KfW’s blow-out tap

KfW’s A$500m ($539m) tap this week of its 2016s was a throwback to the kind of SSA deals seen before the Australian Prudential Regulation Authority’s announcement in February that it would exclude SSA paper from Liquidity Coverage Ratios, a move that depressed the sector. A substantial deal size was complemented by strong domestic buying — accounting for 70% of KfW’s book.