KfW
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Two other German SSAs bring deals on same day -
Signs of indigestion in the market after record buying from investors
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‘Textbook’ trade takes place in an otherwise quiet market
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Issuers and bankers debate whether pricing against swap rates will become the norm or remain an exception
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'Sensible' pricing 'paid dividend' says lead
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Issuer has already funded about 12% of its annual target in just three days
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‘Very, very strong’ first week sets up bigger test ahead
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German issuer raised a whopping €9bn while two other SSAs together grabbed €2.5bn
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The two deals are priced off different benchmarks
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KfW announces ‘rather unusual’ euro dual trancher after revealing large programme last month
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German development bank looks to fund €90bn-€95bn, the higher end of what was expected
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Germany faces funding shortfall for 2024 but problem extends beyond Bunds to agencies and Länder
