German agency KfW maintains its €75bn issuance target for 2010
The head of capital markets at KfW, Horst Seissinger, explains how building long-term relationships with investors has helped the bank achieve its funding targets even during periods of extreme volatility in the financial markets.
In times of crisis, when investors flee to the safest and most liquid credits, it helps to be a supranational agency. And Frankfurt-based development agency KfW Bankengruppe is a prime beneficiary of this flight to quality. The bank is one of the most active issuers in the international capital markets, selling around €75 billion of bonds a year with the help of an explicit guarantee from the Federal Republic of Germany.
The flagships of its funding strategy are the euro and dollar benchmark
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