At the end of August, KfW – one of the busiest issuers in the international bond markets with a 2024 funding programme of €80 billion – issued an unusually small and short-dated bond to just three investors.
It would be easy to miss the €50 million deal, paying a coupon of 3.46% and maturing on November 28, 2024, that sole bookrunner DZ Bank sold to DekaBank, DZ Bank itself and Union Investment, part of the DZ bank group.
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