By Angela McDaniels
Tacoma, Wash., Dec. 14 - KfW priced $8 million of floating-rate callable notes due Dec. 28, 2024 linked to six-month Libor via Morgan Stanley & Co. Inc., according to a term sheet.
The interest rate equals the base rate multiplied by the proportion of days on which six-month Libor is no greater than the upper barrier. Interest is payable quarterly.
The base rate is initially 5% per year. It will increase to 5.75% on Dec. 28, 2012, to 6% on Dec. 28, 2015, to 6.5% on Dec. 28, 2018 and to 7% on Dec. 28, 2021.
The upper barrier is initially 6% per year. It will increase to 6.25% on Dec. 28, 2012, to 6.5% on Dec. 28, 2015, to 6.75% on Dec. 28, 2018 and to 7% on Dec. 28, 2021.
The payout at maturity will be par.
The notes are callable at par on any interest payment date.
Morgan Stanley Smith Barney is the distributor.
| Issuer: | KfW
|
| Issue: | Floating-rate callable notes
|
| Amount: | $8 million
|
| Maturity: | Dec. 28, 2024
|
| Coupon: | Base rate multiplied by proportion of days on which six-month Libor is no greater than the upper barrier; payable quarterly
|
| Base rate: | Initially 5% per year; increases to 5.75% in 2012, to 6% in 2015, to 6.5% in 2018 and to 7% in 2021
|
| Upper barrier: | Initially 6% per year; increases to 6.25% in 2012, to 6.5% in 2015, to 6.75% in 2018 and to 7% in 2021
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 28
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | None
|
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