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

Germany_euro_coin_FIG_Adobe_230x150
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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.