KfW

◆ Early order book built before Middle East risk returned ◆ Seven year spread held steady as 'insurance' against volatility ◆ Format chosen to avoid straining 'finite pool of liquidity'

◆ Issuer brings another pre-summer deal to fund enlarged programme ◆ Tightening possible despite weakened backdrop ◆ Book not huge but quality 'extremely high', spreads 'decent' to KfW and Land NRW

◆ Green benchmarks gets bigger ◆ Hong Kong dollar climbs to fourth place in funding mix ◆ Digital bond faces 'rigorous test'

Smaller orders, missing hedge fund bids as market exits ‘white-hot’ phase and soon to switch to holiday mode

Issuer leaves more NIP than earlier this year, as order sizes shrink after busy May and June

◆ German agency taps bond from 2024 ◆ Line reopened was ‘interesting’ but considered expensive by some ◆ 'No huge NIP' to start with, but book grew after modest tightening

The German state development bank this week proved a digital bond can survive losing its registrar. It was another proof of concept for digitalised bonds but only the ECB can make the market real

◆ First in-life registrar and blockchain change ◆ Digital premium compresses from 10bp to 3bp ◆ Deal draws first international investor

◆ Björn Schlebach and Sven Wabbels on sterling trade ◆ Issuer held out for cross-currency to align ◆ Year's tightest Gilt print, at plus 4bp

◆ New sterling line, not headlines ◆ When the numbers finally work ◆ Three pillars hold the book

Smaller order book this time kept some market participants’ attention, but does size matter?

◆ First such trade from EIB for nearly 5.5 years ◆ Record size and book prove ESTR's appeal ◆ Pioneer deal could kickstart more issuance, bankers hope