KfW Rely on the safe haven - Investor presentation
Liquidity is key
KfW Benchmark Bonds are among the most liquid bonds on the market
Attributes to support liquidity of KfW benchmark bonds
Turnover in KfW benchmark bonds in secondary markets
•
KfW is public sector entity in the EU
•
Risk weight: 0% according to CRR/Basel III
PSPP and PEPP eligibility: 33% limit PSPP only
Total turnover in KfW benchmark bonds is shown in relation to the total
outstanding and the new issues of EUR and USD benchmark bonds of each
funding year, respectively.
227.0
•
Frequent issuer of benchmark bonds in core currencies EUR and USD
EUR
216.0
195.0
157.8
172.5
•
Four lead managers for EUR BM bonds and four for the USD BM bonds
Large-volume BM bonds (sizes of 3bn to 7bn EUR/USD)
144.0 147.0
148.1
Total
Outstandings
(aggregate
principal)
147.6
98.0
124.0 138.5
116.4
123.9
•
•
Traded by approx. 30-40 banks OTC and at various stock exchanges
Broad order book diversification (Ø more than 140 investors in 2023)
32.5
37.5
41.5
32.5
33.8
41.3
34.0
New Issuance
(aggregate
2017
2018
2019
2020
2021
2022
2023
Bonds and notes issued by KfW are in principle eligible in the EU as
level 1 assets pursuant to Article 10 para. 1 lit. (c)(v) of the
Commission Delegated Regulation (EU) 2015/61 of October 10,
2014.
principal)
USD
194.0
146.0
164.6
KfW's bonds and notes have been assessed as "HQLA US Eligible
Assets" by Bloomberg, see Bloomberg,
96.0
92.0
83.5
88.0
90.0
78.0
83.0
Total Turnover
53.7
54.4
41.0
60.2
KFW Corp <GO>,Choose Bond, DES <GO>, 13 <GO>
25.0
21.5
23.4
24.0
12.2
16.6
14.8
2017 2018
2019
2020 2021
2022 2023
1_No warranty is given as to the completeness or accuracy of the total turnover data which has been supplied by 15-20 different banks and accumulated but not verified by KfW.
KFW Rely on the safe haven - Investor presentation / April 2024
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