After its overwhelming 3- and 10-year transactions in January, KfW is the only issuer who has launched in all benchmark maturities so far, bringing its total funding under the USD programme to USD 11 billion year to date. For the remainder of the year, KfW envisages at least two more USD global issues under the programme.
For 2010 KfW had announced the need to raise a funding volume of EUR 70-75 billion. So far this year approximately EUR 20.8 billion (27.7%) have been raised in 14 different currencies. 62% of this amount were refinanced under the KfW Benchmark Programmes in EUR and USD, whereas the remaining 38% were funded through other public transactions (32%) and private placements (6%) respectively. "With its three USD global issues, KfW starts off on the right foot in the first two months. The strong international demand - 44% coming from Asia - for our USD globals and for our first-class rating is unbroken", Dr. Günther Bräunig, member of the Managing Board of KfW Bankengruppe commented. "This transaction leaves the market in great shape for further KfW dollar issuance later this year", added Bräunig.
The USD 3 billion issue matures on March 3rd 2015 with a coupon of 2.625% paid semi-annually. The reoffer price was set at 99.526%, corresponding to a yield pick-up of 40 basis points over the current US Treasury, maturing in January 2015. In line with all KfW bonds, this issue has an AAA/Aaa/AAA rating from Fitch Ratings, Moody's and Standard & Poor's. Lead manager of the transaction are Citi, Deutsche Bank and Royal Bank of Canada CM; Co-Lead Managers are Bank of America / Merrill Lynch, Barclays, BNP Paribas, DZ Bank, Goldman Sachs, HSBC, Mitsubishi UFG, Morgan Stanley, Nomura and Royal Bank of Scotland.
Books were opened on Tuesday New York morning and built quickly, reaching USD 1.5 billion in two hours. From the start there was continuous broad based demand from high quality investors out of the US-time zone. The final order book was well oversubscribed with 94 orders totalling over USD 4.4 billion and of extremely high quality.
The breakdown of the order book by sectors is as follows:
Breakdown by investor type:
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More and more automobile companies are focusing on body parts made of carbon fiber reinforced plastics (CFRP). However, manufacturing and repair costs must be further reduced in order to make CFRP more economical in use. Together with the Volkswagen AG and five other partners in the project HolQueSt 3D, the Laser Zentrum Hannover e.V. (LZH) has developed laser processes for the automatic trimming, drilling and repair of three-dimensional components.
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Reflecting the structure of composites found in nature and the ancient world, researchers at the University of Illinois at Urbana-Champaign have synthesized thin carbon nanotube (CNT) textiles that exhibit both high electrical conductivity and a level of toughness that is about fifty times higher than copper films, currently used in electronics.
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The nearby, giant radio galaxy M87 hosts a supermassive black hole (BH) and is well-known for its bright jet dominating the spectrum over ten orders of magnitude in frequency. Due to its proximity, jet prominence, and the large black hole mass, M87 is the best laboratory for investigating the formation, acceleration, and collimation of relativistic jets. A research team led by Silke Britzen from the Max Planck Institute for Radio Astronomy in Bonn, Germany, has found strong indication for turbulent processes connecting the accretion disk and the jet of that galaxy providing insights into the longstanding problem of the origin of astrophysical jets.
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The probability to find a certain number of photons inside a laser pulse usually corresponds to a classical distribution of independent events, the so-called...
Microprocessors based on atomically thin materials hold the promise of the evolution of traditional processors as well as new applications in the field of flexible electronics. Now, a TU Wien research team led by Thomas Müller has made a breakthrough in this field as part of an ongoing research project.
Two-dimensional materials, or 2D materials for short, are extremely versatile, although – or often more precisely because – they are made up of just one or a...
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