KfW
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KfW has announced a smaller borrowing programme for next year, joining a number of other public sector borrowers also set to borrow less in 2020. -
This week's funding scorecard looks at the progress of Europe's supranationals and agencies in the middle of November.
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KfW returned to Polish zloty issuance last Friday after a 13 year absence from the market, as it looks to tap new sources of capital.
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KfW’s first €STR bond hit the market on Wednesday. Although the German agency managed a tighter price than EIB’s first note in the format, it was not able to drum up the same level of demand.
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All maturities are open for deals in the euro market, thanks to a widening in benchmark spreads over the past few weeks. SSA issuers are taking advantage of the conditions by issuing in a range of tenors.
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KfW has mandated banks for its first €STR transaction as it looks to become the third public sector borrower to sell a bond linked to the new euro risk-free rate.
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KfW’s inclusion of ESG ratings in a term sheet might seem a superficial step — just one more disclosure of another piece of publicly available data — but it is a step towards a more sensible system of socially responsible investment.
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KfW returned to the euro market on Tuesday for a tap of its euro May 2027 green bond. The deal offered a small new issue concession at the final spread, as the euro SSA pipeline winds down in the final months of the year.
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KfW was the only public sector borrower to sell a new issue in the primary syndicated bond market this week, as it raised $1bn with an intra-day trade ahead of the US Federal Reserve cut rates for a third time this year.
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KfW was the only public sector borrower in the primary market on Monday, raising $1bn with a March 2021 intra-day trade which was priced with the same coupon as the World Bank’s 10 year dollar deal earlier this month.
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