The international debt crisis is transforming development policy: capital assistance is becoming Financial Cooperation. The internationalisation of the capital markets opens up entirely new refinancing opportunities for KfW.Further information
Shortly after it was established, KfW announced the first medium-term fixed-rate note on the capital market. At that time, it was just another source of financing in addition to the ERP Special Fund. In the 1980’s, the financial markets are dynamic – the increasing internationalisation of capital markets opens up completely new prospects for KfW. KfW issues its first bonds on the then Deutsche Mark-dollar market – in Swiss francs and in pounds sterling. These were later followed by dollar and yen issues, both markets that will later prove to be key refinancing sources for KfW.
Today, KfW funds are predominantly sourced via the capital market, and KfW is the biggest non-governmental issuer in the world – with a record total of EUR 90 billion in 2022. KfW is also one of the top three green bond issuers worldwide. “Green Bonds – made by KfW” exceed the EUR 50 billion mark.