Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

KfW successfully opens its 2009 Euro Benchmark Programme with a 10-year Global

14.01.2009
Today KfW has issued a EUR 3 bn bond with a maturity of ten years under its Euro Benchmark Programme.

The benchmark bond I/2009 matures on 21 January 2019, pays a coupon of 3.875% p.a. and carries a re-offer price of 99.471 (with a 3.94% yield). This corresponds to a yield pick-up of 95.7 basis points over the Bund maturing in January 2019. Lead managers of the transaction are Deutsche Bank, Credit Suisse and BNP Paribas. The Global has received the same AAA/Aaa/AAA ratings from Fitch Ratings, Moody's and Standard & Poor's as all KfW bonds.

"We knew that the situation in the market would be challenging. So we are highly pleased that we were able to start our 2009 Euro Benchmark Programme with a 10-year global bond", said Frank Czichowski, KfW Treasurer. "We succeeded in placing a volume of EUR 3 bn mainly with European investors - a good result in these times and in this maturity segment".

Given the very high number of comparable bonds expected to be placed in the European capital market, KfW got a head start by announcing its issuing plans and commissioning the lead managers for this transaction already at the end of 2008.

A steep yield curve and a lack of issues in the long-term maturity segment were the key factors that prompted KfW to offer a 10-year bond in the market. The last 10-year bond issued in the market segment "Supras, Sovereigns and Agencies" was also issued by KfW, one year ago in January.

The order book for the Euro Benchmark I/2009 was opened on Monday morning and filled steadily, which is typical for issues in the long-term segment. The book was closed on Tuesday around noontime with more than 180 individual orders adding up to over EUR 5.4 bn. KfW was thus able to place a well-diversified EUR 3 bn transaction.

The breakdown of the order book by sector is as follows:

Breakdown by investor type:

Banks: 52%
Funds: 25%
Central banks: 14%
Insurance companies: 9%
Geographical breakdown:
Europe: 82%
Germany: 32 %
France: 25 %
Switzerland:10 %
Great Britain: 5 %
Others: 10 %
Asia: 12 %
Americas: 6 %
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.

Term Sheet KfW EUR Benchmark I/2009

EUR 3 bn -3.875% - 2009/2019

ISIN: DE000A0L1CY5
Issuer: KfW
Guarantor: Federal Republic of Germany
Rating: AAA (Fitch Ratings) / Aaa (Moody's) / AAA (Standard &
Poor's)
Size: 3,000,000,000 EUR
Maturity Date: 20. January 2009 - 21. January 2019
Coupon: 3.875% p.a
Re-offer-Price: 99.471
Yield: 3.94% p.a.
Format: Global
Listing: Frankfurt
Lead Manager (3):
BNP Paribas
Credit Suisse
Deutsche Bank
Co-Lead Manager (12):
Banca Akros Gruppo BPM
Barclays
Calyon
Citigroup
Danske Bank A/S
Dresdner Kleinwort
DZ Bank
Goldman Sachs
Morgan Stanley
Nomura
RBS
UBS
Selling Group (8):
Fortis
ING
Natixis
Nordea Bank Danmark A/S
Santander
SEB
Société Générale Corporate & Investment Banking
Unicredit (HVB)

| presseportal
Further information:
http://www.kfw.de

More articles from Business and Finance:

nachricht How Strong Brands Translate into Money
15.11.2016 | Kühne Logistics University - Wissenschaftliche Hochschule für Logistik und Unternehmensführung

nachricht Demographic change depresses tax revenues
04.11.2016 | Fraunhofer-Institut für Angewandte Informationstechnik FIT

All articles from Business and Finance >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Quantum optical sensor for the first time tested in space – with a laser system from Berlin

For the first time ever, a cloud of ultra-cold atoms has been successfully created in space on board of a sounding rocket. The MAIUS mission demonstrates that quantum optical sensors can be operated even in harsh environments like space – a prerequi-site for finding answers to the most challenging questions of fundamental physics and an important innovation driver for everyday applications.

According to Albert Einstein's Equivalence Principle, all bodies are accelerated at the same rate by the Earth's gravity, regardless of their properties. This...

Im Focus: Traffic jam in empty space

New success for Konstanz physicists in studying the quantum vacuum

An important step towards a completely new experimental access to quantum physics has been made at University of Konstanz. The team of scientists headed by...

Im Focus: How gut bacteria can make us ill

HZI researchers decipher infection mechanisms of Yersinia and immune responses of the host

Yersiniae cause severe intestinal infections. Studies using Yersinia pseudotuberculosis as a model organism aim to elucidate the infection mechanisms of these...

Im Focus: Interfacial Superconductivity: Magnetic and superconducting order revealed simultaneously

Researchers from the University of Hamburg in Germany, in collaboration with colleagues from the University of Aarhus in Denmark, have synthesized a new superconducting material by growing a few layers of an antiferromagnetic transition-metal chalcogenide on a bismuth-based topological insulator, both being non-superconducting materials.

While superconductivity and magnetism are generally believed to be mutually exclusive, surprisingly, in this new material, superconducting correlations...

Im Focus: Studying fundamental particles in materials

Laser-driving of semimetals allows creating novel quasiparticle states within condensed matter systems and switching between different states on ultrafast time scales

Studying properties of fundamental particles in condensed matter systems is a promising approach to quantum field theory. Quasiparticles offer the opportunity...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Sustainable Water use in Agriculture in Eastern Europe and Central Asia

19.01.2017 | Event News

12V, 48V, high-voltage – trends in E/E automotive architecture

10.01.2017 | Event News

2nd Conference on Non-Textual Information on 10 and 11 May 2017 in Hannover

09.01.2017 | Event News

 
Latest News

Tracking movement of immune cells identifies key first steps in inflammatory arthritis

23.01.2017 | Health and Medicine

Electrocatalysis can advance green transition

23.01.2017 | Physics and Astronomy

New technology for mass-production of complex molded composite components

23.01.2017 | Process Engineering

VideoLinks
B2B-VideoLinks
More VideoLinks >>>