31.03.2003 – 17:08
KfW launches A Dollar 1.665 bn Uridashi bond
Strong demand from 55,000 retail investors
Today, KfW launched via Nomura International an
Uridashi bond denominated in Australian Dollar. With a volume of AU
Dollar 1.665 bln it is one of the largest Uridashis which has been
issued the past years. The bond has a maturity of 3 years and pays
half yearly a coupon of 4,2 % p. a.
Uridashi bonds are issued by non Japanese issuers. They are
registered in Japan and they are targeted at Japanese retail
investors. The bonds have been sold to more than 55,000 retail
investors. Gerhard Lewark, KfW's treasurer commented that this
Uridashi Bond has been a success: "In fact it is an impressive
statement from Japanese investors which demonstrates the strong
credit KfW enjoys in Japan. We have been active in the Japanese
capital markets since more than 15 years and last year we funded
close to 10 % of our funding volume in Japan."
The increased demand for foreign currency bonds in Japan is driven
by the low interest rates. Retail bank deposits in Japan actually
earn approximately 0.03 % p. a.
KfW will use the proceeds of the Uridashi bond for general funding
purposes. KfW's treasurer Gerhard Lewark pointed out that two parties
will benefit from the Uridashi: "Japanese retail investors enjoy an
attractive interest rate and KfW enjoys an attractive funding for
promotional loans to small and medium sized enterprises in Germany."
ots Originaltext: KfW
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Dr. Charis Pöthig
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Original-Content von: KfW, übermittelt durch news aktuell