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 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: Novel silicon etching technique crafts 3-D gradient refractive index micro-optics

A multi-institutional research collaboration has created a novel approach for fabricating three-dimensional micro-optics through the shape-defined formation of porous silicon (PSi), with broad impacts in integrated optoelectronics, imaging, and photovoltaics.

Working with colleagues at Stanford and The Dow Chemical Company, researchers at the University of Illinois at Urbana-Champaign fabricated 3-D birefringent...

Im Focus: Quantum Particles Form Droplets

In experiments with magnetic atoms conducted at extremely low temperatures, scientists have demonstrated a unique phase of matter: The atoms form a new type of quantum liquid or quantum droplet state. These so called quantum droplets may preserve their form in absence of external confinement because of quantum effects. The joint team of experimental physicists from Innsbruck and theoretical physicists from Hannover report on their findings in the journal Physical Review X.

“Our Quantum droplets are in the gas phase but they still drop like a rock,” explains experimental physicist Francesca Ferlaino when talking about the...

Im Focus: MADMAX: Max Planck Institute for Physics takes up axion research

The Max Planck Institute for Physics (MPP) is opening up a new research field. A workshop from November 21 - 22, 2016 will mark the start of activities for an innovative axion experiment. Axions are still only purely hypothetical particles. Their detection could solve two fundamental problems in particle physics: What dark matter consists of and why it has not yet been possible to directly observe a CP violation for the strong interaction.

The “MADMAX” project is the MPP’s commitment to axion research. Axions are so far only a theoretical prediction and are difficult to detect: on the one hand,...

Im Focus: Molecules change shape when wet

Broadband rotational spectroscopy unravels structural reshaping of isolated molecules in the gas phase to accommodate water

In two recent publications in the Journal of Chemical Physics and in the Journal of Physical Chemistry Letters, researchers around Melanie Schnell from the Max...

Im Focus: Fraunhofer ISE Develops Highly Compact, High Frequency DC/DC Converter for Aviation

The efficiency of power electronic systems is not solely dependent on electrical efficiency but also on weight, for example, in mobile systems. When the weight of relevant components and devices in airplanes, for instance, is reduced, fuel savings can be achieved and correspondingly greenhouse gas emissions decreased. New materials and components based on gallium nitride (GaN) can help to reduce weight and increase the efficiency. With these new materials, power electronic switches can be operated at higher switching frequency, resulting in higher power density and lower material costs.

Researchers at the Fraunhofer Institute for Solar Energy Systems ISE together with partners have investigated how these materials can be used to make power...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

ICTM Conference 2017: Production technology for turbomachine manufacturing of the future

16.11.2016 | Event News

Innovation Day Laser Technology – Laser Additive Manufacturing

01.11.2016 | Event News

#IC2S2: When Social Science meets Computer Science - GESIS will host the IC2S2 conference 2017

14.10.2016 | Event News

 
Latest News

UTSA study describes new minimally invasive device to treat cancer and other illnesses

02.12.2016 | Medical Engineering

Plasma-zapping process could yield trans fat-free soybean oil product

02.12.2016 | Agricultural and Forestry Science

What do Netflix, Google and planetary systems have in common?

02.12.2016 | Physics and Astronomy

VideoLinks
B2B-VideoLinks
More VideoLinks >>>