KfW determines syndicate for its third EURO 5 billion Benchmark bond / The bond is expected to be launched next week and will conclude KfW's EURO-Benchmark-Programme for this year

    Frankfurt (ots) - KfW, rated Aaa/AAA, has communicated the
additional 12 members of the syndicate, which will issue the
announced third EURO-Benchmark bond of the promotional bank, namely
Barclays Capital, BNP Paribas, Credit Suisse First Boston, Dresdner
Kleinwort Wasserstein, Goldman Sachs, HSBC, HypoVereinsbank, Lehman
Brothers, Morgan Stanley, Nomura, Schroder SalomonSmithBarney and UBS
Warburg. On Tuesday, KfW had already notified that it had mandated
Deutsche Bank, JP Morgan and Merrill Lynch as lead managers.
    "The first meeting of all syndicate members, which took place in
London on Wednesday night and during which we comprehensively
discussed our common project, was very successful" said Gerhard
Lewark, KfW's Head of Treasury and Capital Markets. "Bearing in mind
the extremely successful issues of KfW's first two
EURO-Benchmark-bonds in March and July this year, all participants
were aware of the challenge that comes with the forthcoming bond. We
hope to be able to continue with the positive results achieved so far
this year" Lewark added.
    The EURO-Benchmark-bond is expected to be issued next week in a
global format and a volume of EURO 5 billion. Its maturity date of
November 26th, 2004 matches the maturity of the bond of the Federal
government - Bundesobligation 133 and thus points out its character
as an alternative to government bonds.
    With this bond, KfW concludes its EURO-Benchmark-Programme for
this year. The promotional bank had announced at the beginning of
2001 that it would issue at least two bonds annually with a volume of
at least EURO 5 billion each under its newly launched programme. The
bank stuck to its announcement by issuing a EURO 5 billion bond with
a 10 year maturity in March and a second one with a 5 year maturity
in July. In the summer, however, KfW did not rule out
    the possibility of issuing another EURO-Benchmark-bond in the
second half of this year. The excellent acceptance of the
EURO-Benchmark-programme as well as the strong demand for highly
liquid AAA-rated bonds has prompted KfW to issue a bond with a 3 year
maturity within its EURO-Benchmark-programme now.
    The EURO-Benchmark-programme will be continued next year by
issuing bonds with a total volume of at least EURO 15 billion, among
which one bond with a 10 year maturity and one with a 5 year maturity
with a volume of at least EURO 5 billion each.
    KfW is very pleased with the development of the demand for its
newest bond so far. "Just a couple of hours after the opening of the
order books, we clearly exceeded orders worth a billion" KfW's
Treasurer, Lewark, explained. "We do hope that this bond will be well
oversubscribed, just as its predecessors, and we are confident that
our concept of issuing highly liquid bonds with yield pick-up over
Bunds will again convince the markets".
ots Originaltext: KfW
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Verantwortlich: Dr. Matthias Fritton

Press Dept:
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For further information please adress any queries to:
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Original-Content von: KfW, übermittelt durch news aktuell

Weitere Meldungen: KfW

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