Ostensibly, 2005 began in blistering fashion for the cream of Europe’s supranational borrowers in the dollar market. Within 48 hours of one another in the second week of January, the European Investment Bank and KfW printed exceptionally well-supported three-year and five-year transactions, raising $3 billion apiece. For KfW, in particular, which in the same week generated demand of €11 billion for a €5 billion deal that was its first ever 15-year euro benchmark, the dollar transaction – its largest five-year since 2002 – wrapped up an especially satisfying week.
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