By Lisa Kerner
Charlotte, N.C., May 13 – KfW said it priced a €1 billion 0.05% eight-year green bond at 99.6 to yield 0.1%.
It is KfW’s first large-volume green bond and second green bond this year, according to a news release.
KfW said about 80 investors participated, and the order book closed in excess of €2.5 billion.
Due to strong demand, the price could be fixed at mid-swaps minus 24 basis points, the release stated.
Credit Agricole, Rabobank and UniCredit are the lead managers.
Investors included ACTIAM NV, AP2, APG, FMO, SEB AM and Syntrus Achmea AM.
Banks led the way for investors at 34%, followed by central banks (22%), insurance and pension funds (22%) and asset managers (19%).
Distribution was primarily in Germany (31%).
The German government-owned development bank is based in Frankfurt.
| Issuer: | KfW
|
| Issue: | Green bond
|
| Amount: | €1 billion
|
| Maturity: | May 30, 2024
|
| Coupon: | 0.05%
|
| Price: | 99.6
|
| Yield: | 0.1%
|
| Lead managers: | Credit Agricole, Rabobank, UniCredit
|
| Pricing date: | May 13
|
| Settlement date: | May 20
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Scope: AAA
|
| Distribution: | Regulation S
|
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