KfW

KfW priced a Eu5bn seven year benchmark on Tuesday. The German agency received orders totalling just under Eu6bn for the deal, in a book dominated by banks.

KfW printed a spate of large trades in dollars and sterling this week. Although the borrower is offering low levels at the short end, volatility surrounding the foreign exchange swap allowed investors to buy the borrower’s paper at more attractive levels.

The Australian dollar sovereign, supranational and agency sector came back to life this week with its first substantial supply since Apra’s announcement on liquid assets in February.

Banks are gearing up for the second benchmark from the European Financial Stability Facility, which has circulated a questionnaire to the EFSF Market Group ahead of a deal that is expected in the second quarter.