Kfw was the latest issuer to have to pay an elevated new issue concession in the US dollar market last week, offering 3bp to get a US$4bn three-year away as conditions remained febrile ahead of what is expected to be a busy week. The German agency landed the deal via Citigroup, Nomura and RBC flat to mid-swaps, a level that offered investors a generous pick-up but was necessary in order to get the deal size away.
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