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:
Mathematical confirmation: Rewiring financial networks reduces systemic risk
22.06.2017 | International Institute for Applied Systems Analysis (IIASA)
Frugal Innovations: when less is more
19.04.2017 | Fraunhofer-Institut für Arbeitswirtschaft und Organisation IAO
Using ultrafast flashes of laser and x-ray radiation, scientists at the Max Planck Institute of Quantum Optics (Garching, Germany) took snapshots of the briefest electron motion inside a solid material to date. The electron motion lasted only 750 billionths of the billionth of a second before it fainted, setting a new record of human capability to capture ultrafast processes inside solids!
When x-rays shine onto solid materials or large molecules, an electron is pushed away from its original place near the nucleus of the atom, leaving a hole...
For the first time, physicists have successfully imaged spiral magnetic ordering in a multiferroic material. These materials are considered highly promising candidates for future data storage media. The researchers were able to prove their findings using unique quantum sensors that were developed at Basel University and that can analyze electromagnetic fields on the nanometer scale. The results – obtained by scientists from the University of Basel’s Department of Physics, the Swiss Nanoscience Institute, the University of Montpellier and several laboratories from University Paris-Saclay – were recently published in the journal Nature.
Multiferroics are materials that simultaneously react to electric and magnetic fields. These two properties are rarely found together, and their combined...
MBM ScienceBridge GmbH successfully negotiated a license agreement between University Medical Center Göttingen (UMG) and the biotech company Tissue Systems Holding GmbH about commercial use of a multi-well tissue plate for automated and reliable tissue engineering & drug testing.
MBM ScienceBridge GmbH successfully negotiated a license agreement between University Medical Center Göttingen (UMG) and the biotech company Tissue Systems...
Pathogenic bacteria are becoming resistant to common antibiotics to an ever increasing degree. One of the most difficult germs is Pseudomonas aeruginosa, a...
Scientists from the MPI for Chemical Energy Conversion report in the first issue of the new journal JOULE.
Cell Press has just released the first issue of Joule, a new journal dedicated to sustainable energy research. In this issue James Birrell, Olaf Rüdiger,...
19.09.2017 | Event News
12.09.2017 | Event News
06.09.2017 | Event News
19.09.2017 | Event News
19.09.2017 | Physics and Astronomy
19.09.2017 | Power and Electrical Engineering