On 16 December, executives at KfW Bankengruppe reviewed the 2020 funding year and shared their expectations for capital markets issuance to fund promotional activities in the year ahead. While recognising that investors are increasingly looking at issuer-level sustainability credentials, and working to enhance these, KfW also expects increased issuance of green bonds in 2021.
In a further sign that a less frenetic future path of Reserve Bank of Australia rate hikes is allowing confidence to seep back into Australian high-grade issuance, KfW Bankengruppe conducted a rare large-volume, late-year foray into the Kangaroo market on 15 November. Demand was largely international but the issuer says it was pleasantly surprised by the scale of the bid.
Rates are rising and markets unsettled. Speaking at ANZ and KangaNews’s annual global issuer and investor roundtable in London on 22 June, participants discussed the forces that are shaping funding in the new environment.