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 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: Interfacial Superconductivity: Magnetic and superconducting order revealed simultaneously

Researchers from the University of Hamburg in Germany, in collaboration with colleagues from the University of Aarhus in Denmark, have synthesized a new superconducting material by growing a few layers of an antiferromagnetic transition-metal chalcogenide on a bismuth-based topological insulator, both being non-superconducting materials.

While superconductivity and magnetism are generally believed to be mutually exclusive, surprisingly, in this new material, superconducting correlations...

Im Focus: Studying fundamental particles in materials

Laser-driving of semimetals allows creating novel quasiparticle states within condensed matter systems and switching between different states on ultrafast time scales

Studying properties of fundamental particles in condensed matter systems is a promising approach to quantum field theory. Quasiparticles offer the opportunity...

Im Focus: Designing Architecture with Solar Building Envelopes

Among the general public, solar thermal energy is currently associated with dark blue, rectangular collectors on building roofs. Technologies are needed for aesthetically high quality architecture which offer the architect more room for manoeuvre when it comes to low- and plus-energy buildings. With the “ArKol” project, researchers at Fraunhofer ISE together with partners are currently developing two façade collectors for solar thermal energy generation, which permit a high degree of design flexibility: a strip collector for opaque façade sections and a solar thermal blind for transparent sections. The current state of the two developments will be presented at the BAU 2017 trade fair.

As part of the “ArKol – development of architecturally highly integrated façade collectors with heat pipes” project, Fraunhofer ISE together with its partners...

Im Focus: How to inflate a hardened concrete shell with a weight of 80 t

At TU Wien, an alternative for resource intensive formwork for the construction of concrete domes was developed. It is now used in a test dome for the Austrian Federal Railways Infrastructure (ÖBB Infrastruktur).

Concrete shells are efficient structures, but not very resource efficient. The formwork for the construction of concrete domes alone requires a high amount of...

Im Focus: Bacterial Pac Man molecule snaps at sugar

Many pathogens use certain sugar compounds from their host to help conceal themselves against the immune system. Scientists at the University of Bonn have now, in cooperation with researchers at the University of York in the United Kingdom, analyzed the dynamics of a bacterial molecule that is involved in this process. They demonstrate that the protein grabs onto the sugar molecule with a Pac Man-like chewing motion and holds it until it can be used. Their results could help design therapeutics that could make the protein poorer at grabbing and holding and hence compromise the pathogen in the host. The study has now been published in “Biophysical Journal”.

The cells of the mouth, nose and intestinal mucosa produce large quantities of a chemical called sialic acid. Many bacteria possess a special transport system...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

12V, 48V, high-voltage – trends in E/E automotive architecture

10.01.2017 | Event News

2nd Conference on Non-Textual Information on 10 and 11 May 2017 in Hannover

09.01.2017 | Event News

Nothing will happen without batteries making it happen!

05.01.2017 | Event News

 
Latest News

Water - as the underlying driver of the Earth’s carbon cycle

17.01.2017 | Earth Sciences

Interfacial Superconductivity: Magnetic and superconducting order revealed simultaneously

17.01.2017 | Materials Sciences

Smart homes will “LISTEN” to your voice

17.01.2017 | Architecture and Construction

VideoLinks
B2B-VideoLinks
More VideoLinks >>>