Big guns KfW and EIB show mettle in euros

KfW has notched up another successful benchmark – this time a Eu5bn five year. Oversubscribed by Eu1.2bn and priced at the tight end of guidance at mid-swaps flat, it seems KfW can do no wrong these days, even though it will be on the hook for a portion of the Greece bail-out cash. Eleswhere, the European Investment Bank has taken the long-dated route for its new EARN, a 20 year to be priced at mid-swaps plus 31bp-34bp. The books have already surpassed the Eu2bn mark with investors keen to take advantage of expected 4% coupon. Read EuroWeek on Friday for commentary on supra/agency deals of the week