The first half of 2012 was marked by two quarters that could not have been more different. While the first three months were dominated mostly by a positive market sentiment, thereby allowing a noticeable easing on the part of financial market actors, the second quarter was strongly shaped by returning insecurity and high volatility. However, KfW was successful with its funding in both quarters. "We are very pleased with the development thus far in our funding activities. We have already raised nearly two thirds of our planned funding volume for the entire year on the international capital markets. This success confirms the unabated demand for bonds of first-class issuers such as KfW", explained Dr Günther Bräunig, the member of the Executive Board of KfW Bankengruppe in charge of capital markets.
The KfW Benchmark programmes in EUR and USD constitute the most important pillar with a share of over 60% of total funding. This illustrates that investors continue to prefer large volume and, in particular, highly liquid bonds. Already in the first half of the year, KfW was able to successfully issue benchmark bonds in both EUR and USD in all benchmark maturities, especially in the long end of the curve. Of note here is that in particular Asian central banks are investing even more heavily than last year in KfW euro bonds.
In total KfW issued securities in more than 120 individual transactions year-to-date. International investors again made increasing use of the currency range offered by KfW. Until now KfW has issued bonds in 14 different currencies (1st half of 2011: 10 currencies), including for the first time a bond in Chinese renminbi on the Hong Kong financial market. In this way KfW has again expanded its product range and further diversified its funding overall. "With this RMB issue we have taken an important first step in a promising market. We are closely watching the development of the Chinese capital markets due to their globally increasing importance," said Bräunig.
As a result of the regularly performed mid-year review of its annual funding requirements, KfW is maintaining its funding volume of EUR 80 billion for the year 2012 as a whole.
It has to be assumed that also in the second half of 2012 the sovereign debt crisis will remain a determining factor on the financial markets. KfW's funding strategy allows the bank to always react flexibly, even in highly diverse market situations. While in the current environment banks must fundamentally rearrange their capital-market based funding structure, KfW can continue to rely on its established refinancing mix based on the three pillars: benchmark programmes, public bonds and private placements. "In a shifting environment KfW thereby stands for continuity and stability," explained Bräunig. "I am convinced that our investors value the product range and the reliability of KfW's capital market activities. Thus our solid funding contributes to the fulfilment of our promotional mission".
Detailed figures on KfW's funding in the first half of 2012 are available under www.kfw.de/funding.Pressekontakt:
E-Mail: firstname.lastname@example.org, Internet: www.kfw.de/newsroom
Nathalie Drücke | presseportal
Microtechnology industry is hiring – positive developments of past years continue
09.04.2018 | IVAM Fachverband für Mikrotechnik
RWI/ISL-Container Throughput Index with minor decline on a high overall level
20.03.2018 | RWI – Leibniz-Institut für Wirtschaftsforschung
The quality of additively manufactured components depends not only on the manufacturing process, but also on the inline process control. The process control ensures a reliable coating process because it detects deviations from the target geometry immediately. At LASER World of PHOTONICS 2019, the Fraunhofer Institute for Laser Technology ILT will be demonstrating how well bi-directional sensor technology can already be used for Laser Material Deposition (LMD) in combination with commercial optics at booth A2.431.
Fraunhofer ILT has been developing optical sensor technology specifically for production measurement technology for around 10 years. In particular, its »bd-1«...
The well-known representation of chemical elements is just one example of how objects can be arranged and classified
The periodic table of elements that most chemistry books depict is only one special case. This tabular overview of the chemical elements, which goes back to...
Light can be used not only to measure materials’ properties, but also to change them. Especially interesting are those cases in which the function of a material can be modified, such as its ability to conduct electricity or to store information in its magnetic state. A team led by Andrea Cavalleri from the Max Planck Institute for the Structure and Dynamics of Matter in Hamburg used terahertz frequency light pulses to transform a non-ferroelectric material into a ferroelectric one.
Ferroelectricity is a state in which the constituent lattice “looks” in one specific direction, forming a macroscopic electrical polarisation. The ability to...
Researchers at TU Graz calculate the most accurate gravity field determination of the Earth using 1.16 billion satellite measurements. This yields valuable knowledge for climate research.
The Earth’s gravity fluctuates from place to place. Geodesists use this phenomenon to observe geodynamic and climatological processes. Using...
Discovery by Brazilian and US researchers could change the classification of two species, which appear more akin to jellyfish than was thought.
The tube anemone Isarachnanthus nocturnus is only 15 cm long but has the largest mitochondrial genome of any animal sequenced to date, with 80,923 base pairs....
29.04.2019 | Event News
17.04.2019 | Event News
15.04.2019 | Event News
19.06.2019 | Physics and Astronomy
19.06.2019 | Information Technology
19.06.2019 | Materials Sciences