By Cristal Cody
Tupelo, Miss., Aug. 18 – KfW (Aaa/AAA//Scope: AAA) priced $2 billion of 0.75% 10-year green global notes on Tuesday at 99.477 and a spread of mid-swaps plus 16 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes were initially talked to price at the mid-swaps plus 19 bps area with guidance tightened to the mid-swaps plus 18 bps area.
The offering was upsized from $1 billion.
BofA Securities, Inc., BNP Paribas Securities Corp. and Citigroup Global Markets Inc. were the bookrunners.
Proceeds will be used for loan programs to further energy efficient construction and the use of renewable energies, including wind, hydropower, geothermal and biogas energy.
KfW is a German government-backed bank based in Frankfurt.
| Issuer: | KfW
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| Guarantor: | Federal Republic of Germany
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| Amount: | $2 billion
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| Description: | Green global notes
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| Maturity: | Sept. 30, 2030
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| Bookrunners: | BofA Securities, Inc., BNP Paribas Securities Corp. and Citigroup Global Markets Inc.
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| Coupon: | 0.75%
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| Price: | 99.477
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| Spread: | Mid-swaps plus 16 bps
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| Trade date: | Aug. 18
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| Settlement date: | Aug. 25
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| Ratings: | Moody’s: Aaa
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| S&P: AAA
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| Scope: AAA
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| Distribution: | SEC registered
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| Price talk: | Mid-swaps plus 18 bps area; initial talk at mid-swaps plus 19 bps area
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