KfW
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Challenge for January fundraising is pricing and it is ‘very important’ to do it right, says issuer
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◆ SSA pair go head-to-head in rare move in euro 10 years ◆ 'Not the norm', but made little difference ◆ Both deals very large and popular with investors
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◆ Largest sterling non-UK sovereign book ◆ New issue concession ◆ Bank treasuries clamour for HQLAs
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Rolldown, swap spreads, repo levels among the reasons to buy
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‘Volatility creates opportunities’ as market digests KfW’s new funding plan
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◆ Pause clauses could add to disaster arsenal ◆ KfW CEO Stefan Wintels on bond digitisation ◆ What ESG backlash? Banks ramp up green bond issuance
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◆ €18.5bn demand for €1bn tap ◆ ‘Really fantastic’ deal completes 2025 funding ◆ 'Very tight' Bavaria struggles to attract
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Issuer to price seven year tap and new 15 year line as France loses its prime minister, again
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State could fund 50% more next year and is ready to act early in January
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Issuers still planning to fund €3bn-€4bn in Q4 from green taps and non-core trades
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◆ German agency left with little to do in Q4 ◆ Huge book, but was it a surprise? ◆ Fair value views varied
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Portugal and KfW lead euro supply with five year as dollar market focuses on second AfDB hybrid