New Issue: KfW prices $5 billion of 0.375% five-year global notes at mid-swaps plus 13 bps

By Cristal Cody

Tupelo, Miss., July 7 – KfW (Aaa/AAA//Scope: AAA) priced $5 billion of 0.375% five-year global notes on Tuesday at 99.589 and a spread of mid-swaps plus 13 basis points, or Treasuries plus 15.85 bps, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes were initially talked to price in the mid-swaps plus 17 bps area with guidance firmed to the mid-swaps plus 15 bps area.

BofA Securities, Inc., RBC Capital Markets, LLC and TD Securities (USA) LLC were the lead managers.

KfW is a government-backed bank based in Frankfurt.

Issuer:	KfW
Guarantor:	Federal Republic of Germany
Amount:	$5 billion
Description:	Global notes
Maturity:	July 18, 2025
Bookrunners:	BofA Securities, Inc., RBC Capital Markets, LLC and TD Securities (USA) LLC
Coupon:	0.375%
Price:	99.589
Spread:	Mid-swaps plus 13 bps, or Treasuries plus 15.85 bps
Trade date:	July 7
Settlement date:	July 14
Ratings:	Moody’s: Aaa
	S&P: AAA
	Scope: AAA
Distribution:	SEC registered
Price talk:	Mid-swaps plus 15 bps area; initial talk at mid-swaps plus 17 bps area

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