The top-up involves a yield pick-up of 99.3 basis points over the Bund maturing in January 2019. The bond, which pays a coupon of 3.875%, has a re-offer price of 97.278 and a 4.219% yield.
Lead managers of the transaction are Deutsche Bank, Credit Suisse and BNP Paribas. The bond has received the same top-notch ratings (AAA/Aaa/AAA) from Fitch Ratings, Moody's and Standard & Poor's as all KfW bonds.
"We are pleased that we were able to place and to top up a benchmark bond in the 10-year maturity range so early in the year. We responded flexibly to strong demand that was much higher than we were expecting. Subscriptions by German and French investors above all were particularly high", said Dr Frank Czichowski, KfW Treasurer.
The order book was opened on Monday morning and reached more than EUR 2 bn within only 2 hours. The book was closed on the same day in the afternoon with more than 123 individual orders adding up to over EUR 3.5 bn. The bond was priced at the lower end of the price spread stated in the marketing phase.
The breakdown of the order book by sector is as follows:
Breakdown by investor type:
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