KfW
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Investors piled into KfW’s first dollar benchmark in six months on Tuesday, allowing the issuer to break the order book record for SSA dollar benchmarks. -
KfW mandated banks on Monday for a highly anticipated return to the dollar market following its previous benchmark in the currency back in January. The German agency will be joined in dollars by the Asian Development Bank, which is preparing a three year trade.
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While the coronavirus pandemic and its economic consequences are still a global threat, new sources of funds have enabled KfW to reduce its capital markets requirement for 2020. The German promotional bank's treasurer, Tim Armbruster, and head of capital markets Petra Wehlert discussed the matter with GlobalCapital.
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KfW has slashed €10bn from its 2020 funding requirement, and will spend much of the second half of the year focusing on dollars and on green bond issuance.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies towards the end of June.
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Norway’s Kommunalbanken returned to the domestic New Zealand dollar market after a two year absence on Wednesday with its largest Kauri deal since its debut.
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KfW has made the first adjustment to its 2020 borrowing needs by doubling the size of its US commercial paper programme, with the Gerrman agency set to review its overall funding target at the end of June.
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The German government has waved through a €9bn bailout package for flag carrier Lufthansa, paving the way for the state bailout fund to own up to 25% of the company.
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Deutsche Lufthansa, the airline, is in advanced talks for a €9bn bailout from the German state, amid a flurry of European governments pumping billions of dollars into the ailing airline industry.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies in the middle of May.
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Despite a crash in dollar swap spreads as the US Treasury announced a record borrowing binge this week, SSA bankers remain bullish on supply, with KfW rumoured to be plotting a return to dollars after leaning heavily on euros for its benchmark funding this year.
