As perhaps the most admired of all agency borrowers, Germany’s Kreditanstalt für Wiederaufbau (KfW) has not failed to impress with its 2007 issuance so far. It has achieved its tightest-ever funding level in euros and a record volume in one of its dollar benchmarks, while continuing to blaze a trail in ever more exotic currencies.
Last year, the agency raised some €54bn in the capital markets and plans to do much the same (€55bn) this year. “Approximately 40% of that will be via dollar and euro benchmark issues,” says Horst Seissinger, KfW’s head of debt capital markets.
