KfW

KfW successfully opens its 2009 Euro Benchmark Programme with a 10-year Global

Frankfurt (ots) - Today KfW has issued a EUR 3 bn bond with a maturity of ten years under its Euro Benchmark Programme.

The benchmark bond I/2009 matures on 21 January 2019, pays a coupon of 3.875% p.a. and carries a re-offer price of 99.471 (with a 3.94% yield). This corresponds to a yield pick-up of 95.7 basis points over the Bund maturing in January 2019. Lead managers of the transaction are Deutsche Bank, Credit Suisse and BNP Paribas. The Global has received the same AAA/Aaa/AAA ratings from Fitch Ratings, Moody's and Standard & Poor's as all KfW bonds.

"We knew that the situation in the market would be challenging. So we are highly pleased that we were able to start our 2009 Euro Benchmark Programme with a 10-year global bond", said Frank Czichowski, KfW Treasurer. "We succeeded in placing a volume of EUR 3 bn mainly with European investors - a good result in these times and in this maturity segment".

Given the very high number of comparable bonds expected to be placed in the European capital market, KfW got a head start by announcing its issuing plans and commissioning the lead managers for this transaction already at the end of 2008.

A steep yield curve and a lack of issues in the long-term maturity segment were the key factors that prompted KfW to offer a 10-year bond in the market. The last 10-year bond issued in the market segment "Supras, Sovereigns and Agencies" was also issued by KfW, one year ago in January.

The order book for the Euro Benchmark I/2009 was opened on Monday morning and filled steadily, which is typical for issues in the long-term segment. The book was closed on Tuesday around noontime with more than 180 individual orders adding up to over EUR 5.4 bn. KfW was thus able to place a well-diversified EUR 3 bn transaction.

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

Breakdown by investor type:

   Banks: 52% 
   Funds: 25% 
   Central banks: 14% 
   Insurance companies: 9% 

Geographical breakdown:

   Europe: 82% 		
   Germany: 32 % 		
   France: 25 % 		
   Switzerland:10 % 		
   Great Britain: 5 % 		
   Others: 10 % 
   Asia: 12 % 
   Americas: 6 % 

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 EUR Benchmark I/2009

EUR 3 bn -3.875% - 2009/2019

   ISIN: DE000A0L1CY5 
   Issuer: KfW 
   Guarantor: Federal Republic of Germany 
   Rating: AAA (Fitch Ratings) / Aaa (Moody's) / AAA (Standard & 
   Poor's) 
   Size: 3,000,000,000 EUR 
   Maturity Date: 20. January 2009 - 21. January 2019 
   Coupon: 3.875% p.a 
   Re-offer-Price: 99.471 
   Yield: 3.94% p.a. 
   Format: Global 
   Listing: Frankfurt 

Lead Manager (3):

   BNP Paribas 
   Credit Suisse 
   Deutsche Bank 

Co-Lead Manager (12):

   Banca Akros Gruppo BPM 
   Barclays 
   Calyon 
   Citigroup 
   Danske Bank A/S 
   Dresdner Kleinwort 
   DZ Bank 
   Goldman Sachs 
   Morgan Stanley 
   Nomura 
   RBS 
   UBS 

Selling Group (8):

   Fortis 
   ING 
   Natixis 
   Nordea Bank Danmark A/S 
   Santander 
   SEB 
   Société Générale Corporate & Investment Banking 
   Unicredit (HVB) 

Contact:

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 von: KfW, übermittelt durch news aktuell

Weitere Meldungen: KfW

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