Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

KfW tops up 10-year benchmark bond to a record volume

07.04.2009
On Monday KfW topped up its EUR 3 bn benchmark bond issued in January 2009 and maturing on 21 January 2019 with another EUR 3 bn. Its current total outstanding volume of EUR 6 bn makes the bond the largest ever issued by KfW.

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:

Banks: 58%
Funds: 20%
Insurance companies: 14%
Central banks: 5%
Other: 3%
Geographical breakdown:
Europe: 93%
- Germany - 38%
- France - 32%
- Switzerland - 7%
- Great Britain - 6%
- Other - 10%
America: 4%
Asia: 3%
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
Top-up of KfW EUR Benchmark - 3.875%
- Maturity 21 January 2019 -
ISIN: DE000A0L1CY5
Issuer: KfW
Guarantor: Federal Republic of Germany
Rating: AAA (Fitch Ratings)/Aaa (Moody's)/AAA (Standard & Poor's)
Initial Size: EUR 3,000,000,000
Top-up Size: EUR 3,000,000,000
New Size: EUR 6,000,000,000
Maturity Date: 16 April 2009 - 21 January 2019
Coupon: 3.875% p.a
Re-offer Price: 97.278
Yield: 4.219% p.a.
Format: Global
Listing: Frankfurt
Lead Managers (3):
BNP Paribas
Credit Suisse
Deutsche Bank
Senior Co-Lead Managers (6):
Calyon
Dresdner Kleinwort
DZ Bank
LBBW
Natixis
Unicredit (HVB)

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

Further reports about: BNP Fitch Ratings KfW benchmark bond top-notch ratings

More articles from Business and Finance:

nachricht Corporate coworking as a driver of innovation
22.11.2017 | Fraunhofer-Institut für Arbeitswirtschaft und Organisation IAO

nachricht Mathematical confirmation: Rewiring financial networks reduces systemic risk
22.06.2017 | 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: Frictional Heat Powers Hydrothermal Activity on Enceladus

Computer simulation shows how the icy moon heats water in a porous rock core

Heat from the friction of rocks caused by tidal forces could be the “engine” for the hydrothermal activity on Saturn's moon Enceladus. This presupposes that...

Im Focus: Nanoparticles help with malaria diagnosis – new rapid test in development

The WHO reports an estimated 429,000 malaria deaths each year. The disease mostly affects tropical and subtropical regions and in particular the African continent. The Fraunhofer Institute for Silicate Research ISC teamed up with the Fraunhofer Institute for Molecular Biology and Applied Ecology IME and the Institute of Tropical Medicine at the University of Tübingen for a new test method to detect malaria parasites in blood. The idea of the research project “NanoFRET” is to develop a highly sensitive and reliable rapid diagnostic test so that patient treatment can begin as early as possible.

Malaria is caused by parasites transmitted by mosquito bite. The most dangerous form of malaria is malaria tropica. Left untreated, it is fatal in most cases....

Im Focus: A “cosmic snake” reveals the structure of remote galaxies

The formation of stars in distant galaxies is still largely unexplored. For the first time, astron-omers at the University of Geneva have now been able to closely observe a star system six billion light-years away. In doing so, they are confirming earlier simulations made by the University of Zurich. One special effect is made possible by the multiple reflections of images that run through the cosmos like a snake.

Today, astronomers have a pretty accurate idea of how stars were formed in the recent cosmic past. But do these laws also apply to older galaxies? For around a...

Im Focus: Visual intelligence is not the same as IQ

Just because someone is smart and well-motivated doesn't mean he or she can learn the visual skills needed to excel at tasks like matching fingerprints, interpreting medical X-rays, keeping track of aircraft on radar displays or forensic face matching.

That is the implication of a new study which shows for the first time that there is a broad range of differences in people's visual ability and that these...

Im Focus: Novel Nano-CT device creates high-resolution 3D-X-rays of tiny velvet worm legs

Computer Tomography (CT) is a standard procedure in hospitals, but so far, the technology has not been suitable for imaging extremely small objects. In PNAS, a team from the Technical University of Munich (TUM) describes a Nano-CT device that creates three-dimensional x-ray images at resolutions up to 100 nanometers. The first test application: Together with colleagues from the University of Kassel and Helmholtz-Zentrum Geesthacht the researchers analyzed the locomotory system of a velvet worm.

During a CT analysis, the object under investigation is x-rayed and a detector measures the respective amount of radiation absorbed from various angles....

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Ecology Across Borders: International conference brings together 1,500 ecologists

15.11.2017 | Event News

Road into laboratory: Users discuss biaxial fatigue-testing for car and truck wheel

15.11.2017 | Event News

#Berlin5GWeek: The right network for Industry 4.0

30.10.2017 | Event News

 
Latest News

Underwater acoustic localization of marine mammals and vehicles

23.11.2017 | Information Technology

Enhancing the quantum sensing capabilities of diamond

23.11.2017 | Physics and Astronomy

Meadows beat out shrubs when it comes to storing carbon

23.11.2017 | Life Sciences

VideoLinks
B2B-VideoLinks
More VideoLinks >>>