New Issue: KfW sells $3 billion 2.625% five-year notes at Treasuries plus 40 bps

By Andrea Heisinger

New York, Feb. 24 - KfW sold $3 billion of 2.625% five-year global notes on Wednesday to yield 40 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The sale went overnight after being announced early on Tuesday, a source said. The deal was talked at 7 bps over mid-swaps on Wednesday morning.

The notes (Aaa/AAA/AAA) priced at 99.526 to yield 2.727%. They are non-callable.

Citigroup Global Markets, Deutsche Bank Securities and RBC Capital Markets ran the books.

Co-managers were Barclays Capital, BNP Paribas Securities, Bank of America Merrill Lynch, DZ Financial Markets, Goldman Sachs & Co., HSBC Securities, Mitsubishi UFJ Securities, Morgan Stanley & Co., Nomura Securities and RBS Securities.

The German government-owned development bank is based in Frankfurt.

Issuer:	KfW
Issue:	Global notes
Amount:	$3 billion
Maturity:	March 3, 2015
Bookrunners:	Citigroup Global Markets, Deutsche Bank Securities, RBC Capital Markets
Co-managers:	Barclays Capital, BNP Paribas Securities, Bank of America Merrill Lynch, DZ Financial Markets, Goldman Sachs & Co., HSBC Securities, Mitsubishi UFJ Securities, Morgan Stanley & Co., Nomura Securities, RBS Securities
Coupon:	2.625%
Price:	99.526
Yield:	2.727%
Spread:	Treasuries plus 40 bps
Call:	Non-callable
Price talk:	7 bps over mid-swaps
Trade date:	Feb. 24
Settlement date:	March 3
Ratings:	Moody's: Aaa
	Standard & Poor's: AAA
	Fitch: AAA

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