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Kreditanstalt für Wiederaufbau (KfW) has rounded off a stellar year of benchmark funding with a Eu5bn three year trade that was closed a day early and almost Eu1.75bn oversubscribed.

Rather than resting on its laurels after its incredible successes in the euro market in 2001, KfW sought to conquer the dollar market in 2002. And the agency has done just that, with a series of benchmarks that has left many bankers convinced that KfW will again scoop the borrower of the year awards. Philip Moore reports on the agency's continued success. After the spectacular success of its euro denominated benchmark programme in 2001, there was a danger that there would be an element of anticlimax for Kreditanstalt für Wiederaufbau's (KfW) issuance in 2002.

Guarantor: Federal Republic of Germany Rating: Aaa/AAA/AAA

Rating: Aaa/AA+/AA+ Amount: $1bn

Rating: Aaa/AAA Amount: Nkr400m

Co-ordinating arrangers Development Bank of Singapore, LB Kiel, Mizuho Corporate Asia, Standard Chartered and Sumitomo Mitsui Banking Corp have launched an ¥18bn one and two year term loan for Shinhan Bank. Participants have the option to lend on a one or two year basis. On a one year basis lenders will earn a margin of 14bp over Libor and on a two year basis banks receive a margin of 19bp.

Guarantor: Federal Republic of Germany Rating: Aaa/AAA/AAA

Guarantor: Federal Republic of Germany Rating: Aaa/AAA/AAA

After a tremendous 2001 in which Länder borrowers issued a record amount, 2002 has been a more difficult year. Deficits have grown and revenues have suffered as a result of the slowdown of the German economy and income and corporate tax reforms. But, as Philip Moore reports, their position as safe havens in a period of great volatility has meant that the Länder's bonds remain popular with investors.

Rating: Aaa/AAA/AAA Amount: $1bn

Guarantor: Federal Republic of Germany Rating: Aaa/AAA

Rating: Aaa Amount: Eu250m Öffentlicher Pfandbrief series 662 (fungible with Eu1bn issue launched 23/10/02)