KfW in the news

  • KfW hires green expert

    KfW has hired a new head of government relations with a strong background in climate change and energy issues.

    • 21 Jun 2018
  • SSA secondary pricing update: KfW goes big in euro fives

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    • 15 Jun 2018
  • KfW EUR5bn 0.125% Jun 23

    • 14 Jun 2018
  • Miffed? Far from it, say SSAs adapting to life under MiFID II

    Six months into the life of MiFID II, a new regulation that had many in the capital markets sweating over just how onerous their lives were about to become, some public sector borrowers have claimed that not only has the implementation of the regulation been simple, but in several ways it has been beneficial. That is not the universal view, however, with some borrowers still experiencing minor headaches.

    • 14 Jun 2018
  • SSAs piling into euros ahead of central bank meetings

    SSA borrowers are streaming into the euro market, flooding the early part of the week with deals in an effort to secure funding before a slew of central bank meetings towards the end of the week.

    • 11 Jun 2018
  • SSA secondary pricing update: featuring KfW's jumbo two year

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    • 08 Jun 2018
  • KfW USD4bn 2.75% Jul 20

    • 07 Jun 2018
  • KfW reopens dollars as bankers spot potential US demand

    KfW opened the door for dollar issuers after a quiet few weeks in the currency, although the issuer — and SFIL, which followed it — had to navigate some price discovery after last week’s Italy-led volatility.

    • 07 Jun 2018
  • SSA sterling quartet print in busy week

    Public sector borrowers had one of their busiest weeks of the year in sterling, with a supranational trade in particular getting a strong reception. More could follow next week, with demand strong from Asian investors, said bankers.

    • 07 Jun 2018
  • KfW opens dollar door as SFIL prepares to step through

    KfW reopened the public sector dollar market on Wednesday by picking up a hefty $4bn from a well oversubscribed book. Société de Financement Local will be next up, after mandating banks for a trade.

    • 06 Jun 2018
  • KfW on screens in dollars with ‘first jumbo test’

    KfW will bring what bankers say will be the first “real jumbo test” for the market since a wave of Italy-led volatility hit bonds last week.

    • 05 Jun 2018
  • Italy drives rates rollercoaster as SSA knuckles whiten

    The political manoeuvrings in Italy’s path to being governed — as well as poor eurozone economic data — played havoc with rates this week, leading to SSA deals either paying higher new issue concessions, or falling short of subscription. More volatility could come, after the country’s president approved the likely coalition partners’ choice of prime minister but held back from appointing a eurosceptic economist to take charge of the country’s economy. Craig McGlashan reports.

    • 24 May 2018
  • Dexia gets result amid rate rollercoaster

    Dexia Crédit Local scored what leads said was a good result on Thursday as it brought a trade at the upper end of its size plans and tightened pricing during another volatile day for eurozone rates. KfW was also out in euros, with a tap, although it appeared to be more of a slow burner.

    • 24 May 2018
  • April's top BondMarker scores revealed

    A supranational dollar deal ran away with April’s top spot in BondMarker, outstripping the rest of the table by a good margin and clocking in as the third most highly rated deal of the year.

    • 10 May 2018
  • KfW’s four year fails to impress BondMarker voters

    BondMarker voters scored three deals last week, including the European Financial Stability Facility’s last helping of funding for the second quarter and an arbitrage style trade by KfW. Read on to see how the deals were received.

    • 08 May 2018
  • Funding Circle portfolio priced tight in second SBOLT deal

    The second European securitization backed by Funding Circle loans was priced on Thursday, with spreads showing the dramatic drop in financing costs for European marketplace loan ABS since the market emerged in 2016.

    • 03 May 2018
  • KfW takes advantage of empty market to pick up €1bn

    A solitary syndication from KfW broke the otherwise placid waters of the public sector debt market on Wednesday.

    • 03 May 2018

KfW data breakdown

Sources: KfW, Dealogic

Credit rating Aaa/AAA
Basel II risk weighting
0%
Headquarters
Palmengartenstraße 5-9,
60325 Frankfurt am Main,
Germany


KfW

Dealer League Table KfW

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,236.99 5 10.04%
2 Deutsche Bank 4,184.43 4 8.02%
3 Barclays 3,975.04 7 7.62%
4 JPMorgan 3,919.48 8 7.51%
5 HSBC 3,906.88 5 7.49%


Key
officials

Frank Czichowski, treasurer
Petra Wehlert, head of capital markets
Otto Weyhausen-Brinkmann, head of new issues
Alexander Liebethal, head of new issues
Jürgen Köstner, head of investor relations

Guarantee Explicit and direct state guarantee.
Ownership
structure
Federal Republic of Germany: 80%
German Federal States: 20%
Private
placement
policy
KfW issues bonds and notes in the form of private placements in order to satisfy the demand from institutional investors for customised products. The structure, currencies and maturities of these bonds bearer bonds and notes are flexible and tailored to the specific investment needs of individual investors.

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 12,417.34 15 11.10%
2 JPMorgan 10,784.81 16 9.64%
3 Citi 9,836.54 17 8.80%
4 NatWest Markets 8,487.83 7 7.59%
5 HSBC 7,788.95 12 6.97%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 28,901.35 74 12.48%
2 HSBC 22,334.06 48 9.64%
3 JPMorgan 19,145.59 51 8.27%
4 Deutsche Bank 17,915.81 27 7.74%
5 Bank of America Merrill Lynch 16,436.98 51 7.10%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 24,223.40 52 8.61%
2 Barclays 21,482.86 36 7.64%
3 UniCredit 19,921.86 49 7.08%
4 Credit Agricole CIB 18,862.23 49 6.71%
5 HSBC 18,112.51 64 6.44%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 51,595.93 277 7.25%
2 Citi 50,929.52 181 7.15%
3 HSBC 46,450.64 170 6.52%
4 Barclays 40,928.81 133 5.75%
5 Deutsche Bank 37,881.53 100 5.32%