By Susanna Moon
Chicago, July 14 - KfW priced $10 million of fixed-rate to floating-rate callable notes due July 14, 2023 linked to Constant Maturity Swap rates via Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly and will accrue at 10% per year until Jan. 14, 2009. After that, interest will be 10 times the spread of the 30-year CMS rate over the two-year CMS rate.
The notes are callable beginning Jan. 14, 2009 at par on any interest payment date.
If the notes are not called, the payout at maturity will be par.
Issuer: | KfW
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Issue: | Fixed-rate to floating-rate callable notes
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Amount: | $10 million
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Maturity: | July 14, 2023
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Coupon: | 10% per year until Jan. 14, 2009; after that, 10 times spread of 30-year CMS rate over two-year CMS; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on interest payment dates beginning Jan. 14, 2009
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Pricing date: | July 14
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Settlement date: | July 17
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Agent: | Morgan Stanley
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Fees: | None
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