KfW in the news

  • Aussie dollar market keeps on hopping

    There have been high levels of issuance in the long end of the Aussie dollar curve this week, with a trade from KfW on Wednesday taking advantage of an increase in demand.

    • 17 Jan 2018
  • KfW USD5bn 2.375% Dec 22

    • 15 Jan 2018
  • KfW GBP1bn 1% Dec 22

    • 11 Jan 2018
  • SSAs print chunky deals in superlative sterling mart

    SSAs enjoyed a fine week in the sterling market, raising a total of nearly £2bn as bankers pointed to several factors that could be driving demand.

    • 11 Jan 2018
  • SSAs spoiled for choice as multiple currencies open up

    Public sector borrowers are finding funding conditions beyond their wildest dreams, with not just last year’s staples of dollars, euros, sterling and Australian dollars on offer across the curve but the Canadian and New Zealand currencies coming into play too.

    • 11 Jan 2018
  • Euro borrowers adjust to new levels with aplomb

    The euro market has, after a wobble in the first week, adjusted admirably to a new price level and got off to a spectacular start, providing record book sizes and smooth executions across the curve.

    • 11 Jan 2018
  • ADB, KfW bring full dollar curve as demand trumps politics

    Public sector issuers rounded out a superlative week for dollars with sparkling results across the curve on Thursday. Bankers are confident that issuers wishing to print in the coming weeks should find that investor demand outweighs any of the political concerns that brought volatility to rates over the last few days.

    • 11 Jan 2018
  • IADB in another dollar high five as ADB prepares long end test

    The Inter-American Development Bank provided further proof on Wednesday that there is deep demand at the five year part of the dollar curve — but another supranational is stepping up to test the long end of the currency for the first time this year.

    • 10 Jan 2018
  • SSA spreads wider but investors' confidence returns

    The start of the year has been beset by new regulation and a widening spread environment but, for issuers canny enough to navigate the new levels, investors are eager to put cash to work.

    • 10 Jan 2018
  • KfW pulls in biggest ever book

    The euro market is providing borrowers with superb execution — KfW gathered its largest ever book for a 10 year on Tuesday — but investors are requiring healthy new issue concessions in order to commit.

    • 09 Jan 2018
  • KfW and Dexia kick off euros

    KfW and Dexia Crédit Local are first out the blocks in what looks set to be a busy euro market for public sector borrowers this week.

    • 08 Jan 2018
  • KfW sets smaller target for 2018 but keeps focus on big bonds

    KfW has a slightly smaller funding target next year than for 2017, it said on Monday, as it looked to capitalise on investors’ desire for large, liquid bonds.

    • 11 Dec 2017
  • Investors and GEMMs call for 2048 Gilt reopening

    Both Gilt-edged market makers and investors predominantly support a reopening of the UK's 2048 inflation linked bond for its final syndication of the 2017-18 financial year.

    • 28 Nov 2017
  • German political impasse forces SSAs to adapt

    Once the unwavering bastion of eurozone strength, stable through an otherwise turbulent year, the German government managed to unsettle the euro market this week. The collapse of the German coalition talks at the weekend forced one SSA borrower to adjust its plans on the fly and was partly blamed for two borrowers’ failure to fill their order books. Lewis McLellan reports.

    • 23 Nov 2017
  • German political worries smother tail-end of euro issuance

    Two of the three SSA euro syndications this week found the market tough going, relying on lead managers to fill orderbooks. Some SSA bankers lay the blame, in part, on the collapse in German government coalition talks at the weekend.

    • 23 Nov 2017
  • KfW EUR1bn 0.625% Jan 25 tap

    • 23 Nov 2017
  • Unédic finishes 2017 in sevens as Bpifrance lines up

    Unédic completed its funding programme for 2017 with a seven year benchmark on Tuesday, selling into a market eager for French paper. Bpifrance will look to capitalise on the same appetite after mandating for a Wednesday deal.

    • 21 Nov 2017

KfW data breakdown

Sources: KfW, Dealogic

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



Dealer League Table KfW

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 1,984.79 1 14.05%
1 Commerzbank Group 1,984.79 1 14.05%
1 BNP Paribas 1,984.79 1 14.05%
4 Deutsche Bank 1,721.66 2 12.19%
5 Morgan Stanley 1,658.35 1 11.74%


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 JPMorgan 4,822.01 5 13.56%
2 NatWest Markets 3,741.73 3 10.52%
3 Citi 3,544.03 6 9.97%
4 Goldman Sachs 3,231.80 5 9.09%
5 Barclays 2,461.72 2 6.92%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 8,145.87 7 13.09%
2 Citi 7,659.35 12 12.31%
3 Deutsche Bank 7,459.81 7 11.99%
4 Goldman Sachs 6,147.24 8 9.88%
5 JPMorgan 6,097.01 8 9.80%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 7,351.66 8 10.92%
2 JPMorgan 6,925.07 9 10.29%
3 Credit Agricole CIB 6,342.60 7 9.42%
4 Goldman Sachs 5,890.15 6 8.75%
5 Citi 5,011.57 14 7.45%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 15,413.64 38 9.65%
2 JPMorgan 14,557.48 43 9.12%
3 Goldman Sachs 12,082.56 15 7.57%
4 Deutsche Bank 11,377.72 21 7.13%
5 HSBC 10,585.95 16 6.63%