By William Gullotti and Cristal Cody
Buffalo, N.Y., April 18 – KfW (Aaa/AAA//Scope: AAA) priced $3 billion of 5% global notes due March 16, 2026 at 99.923 on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
A market source provided details on Thursday, indicating that the price was calculated with a 16 basis points spread over SOFR mid-swaps, or Treasuries plus 10.08 bps. Initial talk was in the SOFR mid-swaps plus 17 bps area.
HSBC, Morgan Stanley, Nomura and RBC Capital Markets managed the offering.
The SEC-registered global notes will be listed in Luxembourg.
KfW is a government-backed bank based in Frankfurt.
Issuer: | KfW
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Guarantor: | Germany
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Amount: | $3 billion
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Issue: | Global notes
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Maturity: | March 16, 2026
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Managers: | HSBC, Morgan Stanley, Nomura and RBC Capital Markets
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Coupon: | 5%
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Price: | 99.923
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Spread: | SOFR mid-swaps plus 16 bps, or Treasuries plus 10.08 bps
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Trade date: | April 17
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Settlement date: | April 24
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Issuer ratings: | Moody’s: Aaa
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| S&P: AAA
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| Scope: AAA
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Distribution: | SEC-registered global notes
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Cusip: | 500769KF0
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Initial talk: | SOFR mid-swaps plus 17 bps area
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