KfW
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Issuer starts H2 benchmark funding on positive note, will focus on 'finetuning' in coming months
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◆ One of tightest euro deals priced this year ◆ Head-to-head with EU again, no problem ◆ 'Virtually 0bp' premium paid
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KfW to go head-to-head with EU again while IADB prepares 10 year dollar
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Market in 'a process to find the new and appropriate levels', observes issuer
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◆ CDC raises £500m for first time ever ◆ KfW sets spread from the outset ◆ Two day execution helps distribution
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Issuer spends time on pricing with two-step tightening in latest euro benchmark
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◆ EU brings 'return-to-normality' trade ◆ KfW prints large new green bond ◆ Duo show leadership, more issuers to follow
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Liquidity is scarce in blockchain bonds as infrastructure is still fragmented and incomplete
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Spring has finally sprung in the dollar market for SSA issuers printing at ultra-tight spread to US Treasuries. But questions raised whether it will last
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◆ Swap spread stability enables large $5bn trade ◆ Spread to US Treasuries gets squeezy ◆ Alternative executions considered but not needed
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Encouraging results for trio give confidence to NIB, Council of Europe and IADB to follow on Wednesday
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Spreads over Treasuries are tight but hope is that ‘others will follow’