KfW
-
German policy bank in comfortable position after renewing its entire dollar curve
-
Public sector issuers manoeuvred a US sell-off with euro issuance slated to pick up
-
Issuers ‘strike while the iron is hot’
-
Issuer tested new pricing reference but plans to keep it flexible going forward
-
Rare issuer brings lone trade in the currency while SSAs fund in dollars
-
As 'greeniums' on public sector bonds are now hard to define, issuers are focusing on other advantages
-
German agency gets €19bn of orders despite slowdown before holiday
-
SSA issuers jump into first available window after several central bank rates decisions
-
Issuer estimated 2bp of premium, while onlooking bankers saw 0bp-2bp
-
Onlooking SSA bankers said KfW had landed tight pricing for new three year
-
Deal sets a pricing benchmark for SSA dollar green bonds in 2024
-
Are EU bonds too cheap, or are the likes of EIB and KfW too expensive?
-
Two other German SSAs bring deals on same day
-
Signs of indigestion in the market after record buying from investors
-
‘Textbook’ trade takes place in an otherwise quiet market
-
Issuers and bankers debate whether pricing against swap rates will become the norm or remain an exception
-
'Sensible' pricing 'paid dividend' says lead
-
Issuer has already funded about 12% of its annual target in just three days
-
‘Very, very strong’ first week sets up bigger test ahead
-
German issuer raised a whopping €9bn while two other SSAs together grabbed €2.5bn
-
The two deals are priced off different benchmarks
-
KfW announces ‘rather unusual’ euro dual trancher after revealing large programme last month
-
German development bank looks to fund €90bn-€95bn, the higher end of what was expected
-
Germany faces funding shortfall for 2024 but problem extends beyond Bunds to agencies and Länder