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07.04.2009 – 15:34

KfW

KfW tops up 10-year benchmark bond to a record volume

Frankfurt (ots)

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) 

Pressekontakt:

KfW, Palmengartenstraße 5-9, 60325 Frankfurt
Kommunikation (KOM)
Tel. 069 7431-4400, Fax: 069 7431-3266,
E-Mail: presse@kfw.de, Internet: www.kfw.de

Original content of: KfW, transmitted by news aktuell

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