KfW shows euro SSA NIPs ‘levelling out’ as investors seek havens

By Burhan Khadbai
01 Apr 2020

KfW made an impressive statement by taking out size with a small new issue premium for a three year euro deal on Wednesday. Bankers say the deal is a sign of concessions reaching a floor following the huge premiums offered since the return of SSAs to the primary market.

Leads Citi, HSBC, NatWest Markets and UniCredit priced a €5bn June 2023 deal for KfW at mid-swaps plus 4bp, 2bp tighter than guidance, with a final book of over €15bn excluding lead manager interest.

“Three years is exactly where liquidity is and what bank treasuries ...

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