KfW finds little euro depth

BNG and KfW quickly took advantage of peripheral sovereign concerns which created an opportunity for immune issuers. But while BNG’s Eu1bn seven year was neatly done, KfW fell short of its traditional Eu5bn size, printing only Eu3bn — unheard of for a KfW five year benchmark. Was the pricing of mid-swaps less 16bp too much of a sub-Euribor shock for investors, or are they simply packing up for the year? Read EuroWeek on Friday to find out.