KFW RAISES FUNDING TARGETKFW has raised its funding needs for the year
by €5bn to an overall target of €75bn-€80bn.
This follows an updated forecast of “off-
schedule repayments” in its lending
business.
The German development bank has
ALREADYûRAISEDûõBNûINûTHEûlRSTûHALFûOFûTHEû
year across 12 currencies, although 89% of
its funding was in euros and US dollars.
Indeed, euros accounted for about 59% of its
issuance.
KfW issued eight benchmarks in the
TWOûCURRENCIESû
ûINCLUDINGûITSûlRSTû
YEARû
dollar in nearly three years. It also issued
its largest ever sterling bond, a £1bn
offering.“Markets were marked by volatility
INûTHEûlRSTûHALFûASûAûRESULTûOFûPOLITICALû
turmoil and the announced unwinding
of the Eurosystem’s purchase
programme. However, with its
federal guarantee KfW continues to
be regarded as a safe haven,” said
'ÇNTHERû"R²UNIG ûCHIEFûEXECUTIVEû
OFlCERBONDS SSARALL INTERNATIONAL BONDS (1/1/2018–30/6/2018) COUNTRY VS TYPE OF INSTRUMENT CONTINUED
All issues Straights FRNs Convertibles
No of issues Amount US$(m) No of issues Amount US$(m) No of issues Amount US$(m) No of issues Amount US$(m)
Bermuda 7 5,407 6 5,119 – – 1 288
British Virgin Isls (UK) 4 4,823 4 4,823 – – – –
Chile 4 4,710 4 4,710 – – – –
Ecuador 1 3,000 1 3,000 – – – –
Venezuela 4 2,003 4 2,003 – – – –
Cayman Islands 5 1,952 4 1,551 1 401 – –
Dominican Republic 1 1,818 1 1,818 – – – –
Uruguay 1 1,728 1 1,728 – – – –
Panama 2 1,420 2 1,420 – – – –
Peru 3 1,344 3 1,344 – – – –
Colombia 2 828 2 828 – – – –
Bahamas 2 818 2 818 – – – –
Honduras 3 582 3 582 – – – –
Paraguay 1 530 1 530 – – – –
Trinidad and Tobago 2 525 1 400 1 125 – –
LatAm/Caribbean 85 71,975 80 68,906 4 2,781 1 288
Qatar 16 16,666 9 14,433 7 2,233 – –
United Arab Emirates 35 13,263 27 11,978 6 485 2 800
Saudi Arabia 4 12,709 4 12,709 – – – –
Israel 7 8,489 7 8,489 – – – –
Oman 3 8,429 3 8,429 – – – –
Bahrain 1 1,000 1 1,000 – – – –
Lebanon 1 300 1 300 – – – –
Middle East 67 60,856 52 57,338 13 2,718 2 800
China 155 78,668 123 54,908 27 20,419 5 3,341
Japan 72 32,722 45 24,359 15 5,988 12 2,375
Hong Kong 71 29,451 64 25,363 6 3,088 1 1,000
South Korea 63 19,757 42 13,540 18 5,197 3 1,020
Philippines 31 17,380 26 16,880 5 500 – –
Indonesia 21 11,934 21 11,934 – – – –
Singapore 19 8,659 15 6,737 4 1,921 – –
India 13 4,713 13 4,713 – – – –
Sri Lanka 2 3,000 2 3,000 – – – –
Thailand 3 900 2 700 – – 1 200
Malaysia 4 530 3 209 – – 1 321
Maldives 1 100 1 100 – – – –
Cambodia 1 298 1 298 – – –
Taiwan 2 129 1 29 – – 1 100
Myanmar (Burma) 1 3 – – – – 1 3
Asia-Pacific 459 208,244 359 162,771 75 37,113 25 8,361
Egypt 2 6,464 2 6,464 – – – –
Ivory Coast 16 6,152 16 6,152 – – – –
South Africa 5 4,142 4 3,322 1 820 – –
Angola 1 3,000 1 3,000 – – – –
Nigeria 1 2,500 1 2,500 – – – –
Senegal 1 2,240 1 2,240 – – – –
Ghana 1 2,000 1 2,000 – – – –
Kenya 1 2,000 1 2,000 – – – –
Uganda 1 800 1 800 – – – –
Africa 29 29,298 28 28,478 1 820 – –
Total 3,032 2,117,565 2,404 1,751,104 583 346,802 45 19,659
Source: Thomson Reuters