KfW inaugurated its 2006 euro benchmark programme with a blowout €5 billion 15-year deal, the first time the German agency has issued in this maturity. The deal is able to take full advantage of demand from pension funds and insurers for long-dated assets. Citigroup, Deutsche Bank and Merrill Lynch had a €10 billion order book after just one day. Pricing was 2 basis points through the 15-year swaps rate or 11bp over the April 2021 OAT.