Investors pile into KfW tap amid Turkey and Italy volatility

Up and down correct 230x150

KfW received solid demand for its €1bn global June 2020 benchmark tap on Tuesday, as investors lapped up the rising swap spreads caused by political tensions in Italy and economic crisis Turkey, and looked for safe assets.

By Burhan Khadbai
15 Aug 2018

“We had elevated swap spreads as a result of the political tensions in Italy and Turkey,” said an origination banker on the deal. “For an issuer like KfW, which is seen as a proxy to Germany, this is attractive to investors.”

The deal also offered an attractive pick-up to both ...

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