Public sector borrowers in the euro SSA market received strong demand in both the short and long ends of the curve on Tuesday. KfW took advantage of the blistering conditions to sell its first euro benchmark with a three year maturity since 2015, while Société du Grand Paris (SGP) sold its biggest ever bond.
KfW printed a €5bn June 2022 Reg S only benchmark through leads BNP Paribas, JP Morgan and TD Securities with a spread of mid-swaps minus 19bp, 1bp tighter than guidance.
The final book closed at over €7.7bn (excluding lead manager interest).
It is KfW’s first