After its overwhelming 3- and 10-year transactions in January, KfW is the only issuer who has launched in all benchmark maturities so far, bringing its total funding under the USD programme to USD 11 billion year to date. For the remainder of the year, KfW envisages at least two more USD global issues under the programme.
For 2010 KfW had announced the need to raise a funding volume of EUR 70-75 billion. So far this year approximately EUR 20.8 billion (27.7%) have been raised in 14 different currencies. 62% of this amount were refinanced under the KfW Benchmark Programmes in EUR and USD, whereas the remaining 38% were funded through other public transactions (32%) and private placements (6%) respectively. "With its three USD global issues, KfW starts off on the right foot in the first two months. The strong international demand - 44% coming from Asia - for our USD globals and for our first-class rating is unbroken", Dr. Günther Bräunig, member of the Managing Board of KfW Bankengruppe commented. "This transaction leaves the market in great shape for further KfW dollar issuance later this year", added Bräunig.
The USD 3 billion issue matures on March 3rd 2015 with a coupon of 2.625% paid semi-annually. The reoffer price was set at 99.526%, corresponding to a yield pick-up of 40 basis points over the current US Treasury, maturing in January 2015. In line with all KfW bonds, this issue has an AAA/Aaa/AAA rating from Fitch Ratings, Moody's and Standard & Poor's. Lead manager of the transaction are Citi, Deutsche Bank and Royal Bank of Canada CM; Co-Lead Managers are Bank of America / Merrill Lynch, Barclays, BNP Paribas, DZ Bank, Goldman Sachs, HSBC, Mitsubishi UFG, Morgan Stanley, Nomura and Royal Bank of Scotland.
Books were opened on Tuesday New York morning and built quickly, reaching USD 1.5 billion in two hours. From the start there was continuous broad based demand from high quality investors out of the US-time zone. The final order book was well oversubscribed with 94 orders totalling over USD 4.4 billion and of extremely high quality.
The breakdown of the order book by sectors is as follows:
Breakdown by investor type:
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The building blocks of matter in our universe were formed in the first 10 microseconds of its existence, according to the currently accepted scientific picture. After the Big Bang about 13.7 billion years ago, matter consisted mainly of quarks and gluons, two types of elementary particles whose interactions are governed by quantum chromodynamics (QCD), the theory of strong interaction. In the early universe, these particles moved (nearly) freely in a quark-gluon plasma.
This is a joint press release of University Muenster and Heidelberg as well as the GSI Helmholtzzentrum für Schwerionenforschung in Darmstadt.
Then, in a phase transition, they combined and formed hadrons, among them the building blocks of atomic nuclei, protons and neutrons. In the current issue of...
Thin-film solar cells made of crystalline silicon are inexpensive and achieve efficiencies of a good 14 percent. However, they could do even better if their shiny surfaces reflected less light. A team led by Prof. Christiane Becker from the Helmholtz-Zentrum Berlin (HZB) has now patented a sophisticated new solution to this problem.
"It is not enough simply to bring more light into the cell," says Christiane Becker. Such surface structures can even ultimately reduce the efficiency by...
A study in the journal Bulletin of Marine Science describes a new, blood-red species of octocoral found in Panama. The species in the genus Thesea was discovered in the threatened low-light reef environment on Hannibal Bank, 60 kilometers off mainland Pacific Panama, by researchers at the Smithsonian Tropical Research Institute in Panama (STRI) and the Centro de Investigación en Ciencias del Mar y Limnología (CIMAR) at the University of Costa Rica.
Scientists established the new species, Thesea dalioi, by comparing its physical traits, such as branch thickness and the bright red colony color, with the...
Scientists have succeeded in observing the first long-distance transfer of information in a magnetic group of materials known as antiferromagnets.
An international team of researchers has mapped Nemo's genome, providing the research community with an invaluable resource to decode the response of fish to...
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