Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

KfW reopens 3-year USD Global market

20.06.2008
KfW took advantage of a very positive issuance environment in the USD market ahead of next week's FOMC meeting in launching its second USD 3-year Global bond in 2008. The issuance of six KfW USD benchmark transactions in 2008 so far proves KfW's outstanding position in the USD bonds market.

The USD 3 bn issue with a settlement on June 26th 2008 matures on June 27th 2011. With a coupon of 3.75% and a reoffer price of 99.755% it yields 3.837% s.a.

This corresponds to a yield pick-up of 92.5 basis points over the current 2-year US Treasury maturing in May 2010. The bond will have an AAA/Aaa/AAA rating from Fitch Ratings, Moody's and Standard & Poor's. The transaction was lead managed by Credit Suisse, HSBC and RBC Capital Markets. Co-Lead Managers were Barclays Capital, BNP Paribas, Citi, Lehman Brothers, Merrill Lynch, Mitsubishi UFJ, Morgan Stanley, Nomura, and RBS.

"The very strong demand in this transaction underlines the very positive tone in the USD markets", stated Frank Czichowski, Treasurer of KfW, and added: "After announcing the transaction on Wednesday at 9:00 a. m. London Time tremendous interest was gathered and the orderbook built well in excess of USD 4 bn. Re-offered at Mid Swaps -28bps proved to be a historically tight level for KfW and underlined the strong investor interest in KfW securities."

The breakdown of the order book by sectors is as follows:

Breakdown by investor type:

Central Banks: 66%
Funds: 26%
Banks: 4%
Corporates: 1%
Others: 3%
Geographical Breakdown:
Europe: 35%
Americas: 39%
Asia: 19%
Middle East: 4%
Others: 3%
KfW has announced refinancing needs of around EUR 70 bn for 2008.
The Benchmark Programmes will again account for the main share of the funds raised. Since the start of the year KfW has already issued EUR 10 bn in two transactions under its EUR benchmark programme as well as USD 18 bn in six transactions under its USD Global programme.

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 USD Vl/2008
USD 3 bn - 3.75% - 2008/2011
Issuer: KfW (Kreditanstalt für Wiederaufbau)
Guarantor: Federal Republic of Germany
Rating: AAA (Fitch Ratings)/Aaa (Moody's)/AAA (Standard & Poor's)
Size: USD 3.000.000.000
Maturity Date: 26th June 2008 - 27th June 2011
Coupon: 3.75% p.a., semi-annual coupon, long first coupon
Payment Dates: 27th December and June, first coupon 27th December, 2008
Re-offer-Price: 99.755%
Yield: 3.837% semi-annually
Format: Global
Stock Market Listing: Luxembourg
Lead Managers (3):
Credit Suisse
HSBC
Royal Bank of Canada
Co-Lead Managers (10):
Barclays Capital
BNP Paribas
Citi
Lehman
Merrill Lynch
Morgan Stanley
Mitsubishi UFG
Morgan Stanley
Nomura
Royal Bank of Scotland

Nathalie Drücke | 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

Northern oceans pumped CO2 into the atmosphere

27.03.2017 | Earth Sciences

Fingerprint' technique spots frog populations at risk from pollution

27.03.2017 | Life Sciences

Big data approach to predict protein structure

27.03.2017 | Life Sciences

VideoLinks
B2B-VideoLinks
More VideoLinks >>>