The new Euro Benchmark III/2009 matures on 21 May 2012 and pays a coupon of 2.25% p.a. The re-offer price was set at 99.991%, yielding 2.253% and equating to a spread of 51.3 basis points over the Bundesobligation #150, due April 2012. The transaction was lead managed by Calyon, Commerzbank and The Royal Bank of Scotland. The bond has been assigned the same top-notch ratings from Fitch Ratings, Moody's and Standard & Poor's (AAA / Aaa / AAA) as all KfW bonds.
Market conditions for the highest class issuers have improved significantly over recent weeks and both credit spreads and new issue premiums for benchmark bonds have reduced substantially. KfW has responded to this trend swiftly and opened the books for this new three-year benchmark bond on Tuesday morning. The initial price talk in the marketing phase of "20 basis points area" over the swap curve was adjusted to 15 basis points within a matter of hours as a response to the overwhelming demand for the issue.
"Demand for first-class credit quality continues unabated, and, driven by this powerful momentum, the order book was quickly oversubscribed. The habitually strong international demand for KfW bonds and the additional impetus from German investors have enabled us to launch another EUR 5 billion bond issue. Investors continue to reward KfW for the liquidity and transparency that our bonds offer them, and with this deal we have benefited from very favourable market conditions," commented Dr Günther Bräunig, member of the Management Board of KfW Bankengruppe.
The geographical breakdown of the order book is as follows:
Geographical breakdown:Europe: 83%
This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. KfW has registered the securities that are the subject of this press release for sale in the United States. The offering of the securities in the United States will be made by means of a prospectus that may be obtained from KfW and will contain detailed information about KfW and its management, financial statements and information about the Federal Republic of Germany.
KfW Euro Benchmark III/2009 - 2,250% Maturity 21 May 2012 -ISIN: DE000A0XXM87
Mathematical confirmation: Rewiring financial networks reduces systemic risk
22.06.2017 | International Institute for Applied Systems Analysis (IIASA)
Frugal Innovations: when less is more
19.04.2017 | Fraunhofer-Institut für Arbeitswirtschaft und Organisation IAO
Whether you call it effervescent, fizzy, or sparkling, carbonated water is making a comeback as a beverage. Aside from quenching thirst, researchers at the University of Illinois at Urbana-Champaign have discovered a new use for these "bubbly" concoctions that will have major impact on the manufacturer of the world's thinnest, flattest, and one most useful materials -- graphene.
As graphene's popularity grows as an advanced "wonder" material, the speed and quality at which it can be manufactured will be paramount. With that in mind,...
Physicists at the University of Bonn have managed to create optical hollows and more complex patterns into which the light of a Bose-Einstein condensate flows. The creation of such highly low-loss structures for light is a prerequisite for complex light circuits, such as for quantum information processing for a new generation of computers. The researchers are now presenting their results in the journal Nature Photonics.
Light particles (photons) occur as tiny, indivisible portions. Many thousands of these light portions can be merged to form a single super-photon if they are...
For the first time, scientists have shown that circular RNA is linked to brain function. When a RNA molecule called Cdr1as was deleted from the genome of mice, the animals had problems filtering out unnecessary information – like patients suffering from neuropsychiatric disorders.
While hundreds of circular RNAs (circRNAs) are abundant in mammalian brains, one big question has remained unanswered: What are they actually good for? In the...
An experimental small satellite has successfully collected and delivered data on a key measurement for predicting changes in Earth's climate.
The Radiometer Assessment using Vertically Aligned Nanotubes (RAVAN) CubeSat was launched into low-Earth orbit on Nov. 11, 2016, in order to test new...
A study led by scientists of the Max Planck Institute for the Structure and Dynamics of Matter (MPSD) at the Center for Free-Electron Laser Science in Hamburg presents evidence of the coexistence of superconductivity and “charge-density-waves” in compounds of the poorly-studied family of bismuthates. This observation opens up new perspectives for a deeper understanding of the phenomenon of high-temperature superconductivity, a topic which is at the core of condensed matter research since more than 30 years. The paper by Nicoletti et al has been published in the PNAS.
Since the beginning of the 20th century, superconductivity had been observed in some metals at temperatures only a few degrees above the absolute zero (minus...
16.08.2017 | Event News
04.08.2017 | Event News
26.07.2017 | Event News
18.08.2017 | Life Sciences
18.08.2017 | Physics and Astronomy
18.08.2017 | Materials Sciences