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 Europe's microtechnology industry is attuned to growth
10.03.2017 | IVAM Fachverband für Mikrotechnik

nachricht Preferential trade agreements enhance global trade at the expense of its resilience
17.02.2017 | International Institute for Applied Systems Analysis (IIASA)

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: Giant Magnetic Fields in the Universe

Astronomers from Bonn and Tautenburg in Thuringia (Germany) used the 100-m radio telescope at Effelsberg to observe several galaxy clusters. At the edges of these large accumulations of dark matter, stellar systems (galaxies), hot gas, and charged particles, they found magnetic fields that are exceptionally ordered over distances of many million light years. This makes them the most extended magnetic fields in the universe known so far.

The results will be published on March 22 in the journal „Astronomy & Astrophysics“.

Galaxy clusters are the largest gravitationally bound structures in the universe. With a typical extent of about 10 million light years, i.e. 100 times the...

Im Focus: Tracing down linear ubiquitination

Researchers at the Goethe University Frankfurt, together with partners from the University of Tübingen in Germany and Queen Mary University as well as Francis Crick Institute from London (UK) have developed a novel technology to decipher the secret ubiquitin code.

Ubiquitin is a small protein that can be linked to other cellular proteins, thereby controlling and modulating their functions. The attachment occurs in many...

Im Focus: Perovskite edges can be tuned for optoelectronic performance

Layered 2D material improves efficiency for solar cells and LEDs

In the eternal search for next generation high-efficiency solar cells and LEDs, scientists at Los Alamos National Laboratory and their partners are creating...

Im Focus: Polymer-coated silicon nanosheets as alternative to graphene: A perfect team for nanoelectronics

Silicon nanosheets are thin, two-dimensional layers with exceptional optoelectronic properties very similar to those of graphene. Albeit, the nanosheets are less stable. Now researchers at the Technical University of Munich (TUM) have, for the first time ever, produced a composite material combining silicon nanosheets and a polymer that is both UV-resistant and easy to process. This brings the scientists a significant step closer to industrial applications like flexible displays and photosensors.

Silicon nanosheets are thin, two-dimensional layers with exceptional optoelectronic properties very similar to those of graphene. Albeit, the nanosheets are...

Im Focus: Researchers Imitate Molecular Crowding in Cells

Enzymes behave differently in a test tube compared with the molecular scrum of a living cell. Chemists from the University of Basel have now been able to simulate these confined natural conditions in artificial vesicles for the first time. As reported in the academic journal Small, the results are offering better insight into the development of nanoreactors and artificial organelles.

Enzymes behave differently in a test tube compared with the molecular scrum of a living cell. Chemists from the University of Basel have now been able to...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

International Land Use Symposium ILUS 2017: Call for Abstracts and Registration open

20.03.2017 | Event News

CONNECT 2017: International congress on connective tissue

14.03.2017 | Event News

ICTM Conference: Turbine Construction between Big Data and Additive Manufacturing

07.03.2017 | Event News

 
Latest News

When Air is in Short Supply - Shedding light on plant stress reactions when oxygen runs short

23.03.2017 | Life Sciences

Researchers use light to remotely control curvature of plastics

23.03.2017 | Power and Electrical Engineering

Sea ice extent sinks to record lows at both poles

23.03.2017 | Earth Sciences

VideoLinks
B2B-VideoLinks
More VideoLinks >>>