KfW surprises with dollars, but Eksportfinans chooses euros

KfW nipped into the market with a $3bn 10 year deal this week and not a Eu5bn five year as many had expected. Capturing a 4.5% coupon and priced at mid-swaps less 12bp, the deal appealed strongly to central banks and other real money buyers starved of 10 year product this year. JP Morgan, Nomura and UBS were lead managers. Eksportfinans, meanwhile, is occupying the five year slot, pricing a Eu1bn deal at plus 17bp via Credit Suisse, Goldman Sachs and Nomura. Read EuroWeek on Friday for the best public sector bond coverage.