KfW returned to the market on Wednesday for its second five year euro benchmark of the year. The €5bn 0% July 2024 note was issued with the lowest yield the German agency has ever paid.
“KfW had wanted to issue a euro benchmark before the summer,” said a syndicate banker on its trade. “It has issued three, five, and 10 year transactions this year, and from a logical point of view, a seven year tenor would be the best maturity to print. However,
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