KfW
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The SRI bond pipeline for public sector borrowers looks fit to burst, with a string of issuers planning deals and KfW setting a marker with a thumping trade this week. -
KfW has sold the largest ever new green bond issue from a supranational or European agency, printing flat to its curve with a green deal for the first time and drawing a remarkably high level of Asian investor interest for a euro trade. More SRI issuance is on the way, after Dutch agency FMO announced a sustainability bond roadshow.
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KfW is set to bring its first green bond in euros in nearly a year, with the deal coming amid a flurry of conventional trades in the currency. KommuneKredit is also in the SRI pipeline, after running a roadshow to introduce its green bond framework.
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Last week's sole benchmark, a KfW outing in five year euros, impressed the GC BondMarker voters, who awarded it high grades in all categories. But how did it compare with KfW's other offerings this year?
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Rentenbank added a A$100m ($75.6m) tap to its March 2027 Australian dollar bonds on Monday, a line it has tapped frequently since opening it in September.
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KfW tapped a four year Australian dollar bond on Thursday, after raising €5bn in the euro market the day before.
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The euro market will be tested quickly following the first round of the French presidential election on Sunday as the European Financial Stability Facility has sent out a request for proposals.
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The first round of the French presidential election takes place this Sunday and, while the market is mostly quiet, Derek Halpenny, head of global markets research at MUFG, says that market participants have not priced in much risk of a shock anti-EU result.
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A hotly contested battle for the French presidency has quieted much of the public sector market this week, but KfW has picked banks for a five year euro benchmark.
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This week's funding scorecard looks at the progress European supranationals and agencies have made at the start of the second quarter.
