KfW

Finishing the year - 5-year KfW-Benchmark with a volume of 3 billion Euro

Frankfurt (ots) - Fifth Euro Benchmark Transaction in 2010 Second 5-year Euro Benchmark Transaction in 2010

Yesterday evening KfW added a 5 year Euro Benchmark to its Euro Benchmark Programme. The new issue is KfW's fifth Euro benchmark transaction of 2010 and the second 5-year of 2010, following a EUR 5 billion April 2015 issued earlier this year.

The EUR benchmark V/2010 matures on Nov 16, 2015 and pays a coupon of 1.875% p.a. The re-offer price is 99.787% (Yield 1.920% p.a.). This corresponds to a yield pick-up of 38.8 basis points to the German government bond OBL due October 2015. The lead managers for the transaction were Barclays, Deutsche Bank and Morgan Stanley. The bond received the same triple-A rating from Fitch Ratings, Moody's and Standard & Poor's as all KfW bonds.

The EUR 3 billion transaction was announced on Monday afternoon with a price guidance of 16 basis points below mid swaps. The order book opened Tuesday morning and closed after six hours at EUR 3.7 billion and with 96 investors.

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

Breakdown by investor type: 
Banks: 74% 
Central banks: 12% 
Funds: 8% 
Insurances: 5% 
Other: 1% 
Geographical breakdown: 
Europe: 80%
- United Kingdom: 37%
- Germany: 26%
- Eastern Europe: 5%
- Italy: 4%
- France: 3%
Asia: 17% 
America: 3% 

KfW has announced refinancing needs of around EUR 75 billion for 2010. With this bond over 98%, or EUR 73.5 billion, have already been raised.

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 V/2010 
1.875% - due 16 Nov 2015 
ISIN: DE000A1EWEB2 
Issuer: KfW 
Guarantor: Federal Republic of Germany 
Rating: AAA (Fitch Ratings)/ Aaa (Moody's) / 
AAA (Standard & Poor's) 
Size: EUR 3,000,000,000 
Maturity: 16 Nov 2010 - 16 Nov 2015 
Coupon: 1,875% p.a. 
Re-offer price: 99.787% 
Yield: 1.920% p.a. 
Format: Global 
Listing: Frankfurt 
Lead Manager: 
Barclays
Deutsche Bank 
Morgan Stanley 
Co-Lead Manager: 
Banca Akros Gruppo BPM
Bank of America / Merrill Lynch 
Citi 
Commerzbank 
Credit Agricole CIB 
Deka Bank 
DZ Bank 
LBBW 
Société Générale 
Unicredit (HVB) 
Selling Group: 
Danske Bank A/S
ING 
Natixis 
Nomura 
Nordea Bank Danmark A/S 
RBC 
Santander 
SEB 

Contact:

Eske Ennen
KfW, Palmengartenstraße 5-9, 60325 Frankfurt
Kommunikation (KOM)
Tel. +49 (0)69 7431-9766, 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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