KfW, the German state development agency, has made an unusual foray into the US market in the wake of its latest euro jumbo bond issue.

Having raised €5bn ($4.4bn) with a 10-year bond issue on March 5, KfW has made the most of its own momentum by launching its first dollar-denominated global bond. But rather than opt for straight corporate bonds, the bank issued $1bn of callable bonds with a three-year maturity. The call option kicks in after one year.