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22.10.2003 – 15:44


KfW Euro Benchmark IX rounds up EUR-Benchmark programme in 2003

    Frankfurt/Main (ots)

Today KfW issued its ninth EUR 5 billion Global Bond under its Euro Benchmark Programme. The bond is rated Aaa / AAA by Moody's and Standard & Poor's.

    The bond matures on November 15, 2006 and pays a coupon of 3.125% p.a. It was issued with a reoffer price of 99.863 and a spread of 16 basis points over the rate of the Federal Government bond that matures on August 18, 2006. The lead managers for the transaction were Citigroup, CSFB and HSBC. Co-Leads were ABN Amro, Barclays, BNP Paribas, Deutsche Bank, Dresdner Kleinwort Wasserstein, Goldman Sachs, HypoVereinsbank, Merrill Lynch, Morgan Stanley and Nomura.

    Selected dealers were Banca Akros, Daiwa, ING, JP Morgan, Lehman Brothers, Mizuho, Nordea, Royal Bank of Scotland, TMI and UBS.

    The order book contains a total of 228 orders with an overall volume of nearly EUR 7.5 billion. Around 68% of the orders came out of Europe, 19% of orders from Asia and a further 13% from the US and Canada.

    The breakdown of the order book by investor category gives the following picture:

    Central banks        22 %
    Banks                    38 %
    Funds                    31 %
    Insurances              3 %
    Other                      6%

    "With this benchmark we succeeded again to reach a broad investor base. We are very satisfied with the pricing of our ninth Euro Benchmark Bond. We started the price talk with a spread range of 16-18 bp over the underlying Bund. We are happy to end up with 16 bp which is at the lower end of this range", said Gerhard Lewark, KfW's treasurer.

    For 2003 KfW had announced that it would require a funding volume of EUR 45 - 50 billion, with the Euro Benchmark IX issued today KfW has already funded around EUR 48 billion. Therefore, total funding for the year 2003 is expected to be around EUR 50 billion. "Even possible further holding agreements with respect to the privatisation of Deutsche Telekom AG and Deutsche Post AG which were discussed in the media today would not lead to an increased funding need in 2003. We will now start to prepare for next year's funding and we will announce our funding programme for the year 2004 in early December", commented Gerhard Lewark. "What we can assure already today is that KfW will continue to be a reliable partner for investors in the year 2004!"

    Term Sheet     KfW Euro Benchmark IX 2003/2006

    Issuer:                          KfW (Kreditanstalt für Wiederaufbau)
    Guarantor:                      Federal Republic of Germany
    Rating:                          Aaa (Moody's) / AAA (Standard & Poor's)
    Size:                              EUR 5,000,000,000
    Maturity Date:                November 15th, 2006
    Coupon:                          3.125 % p.a.
    Coupon Payment Date:      November 15th (yearly)
    Re-offer-Price:              99.863
    Yield:                            3.172 %
    Format:                          Global
    Stock Market Listing:    Frankfurt
    EuroMTS Trading:            Yes
    Lead Managers (3):         Citigroup, CSFB, HSBC
    Co-Lead Managers (10):  ABN Amro
                                          BNP Paribas
                                          Deutsche Bank
                                          Dresdner Kleinwort Wasserstein
                                          Goldman Sachs
                                          Merrill Lynch
                                          Morgan Stanley
    Selected Dealers:(10):  Banca Akros Gruppo BPM
                                          JP Morgan
                                          Lehman Brothers
                                          Royal Bank of Scotland

ots Originaltext: KfW
Im Internet recherchierbar:

Nathalie Drücke
Phone: +49 (0)69 7431-2098

Original content of: KfW, transmitted by news aktuell

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