New Issue: KfW's $5 billion 1.375% three-year notes yield 36.5 bps over Treasuries

By Andrea Heisinger

New York, Jan. 5 - Germany's KfW sold $5 billion of 1.375% three-year global notes on Wednesday to yield 36.5 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes (Aaa/AAA/AAA) sold at 99.707 to yield 1.475%. They are non-callable.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC and RBC Capital Markets Corp. were the bookrunners.

Co-managers were Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Mizuho International plc, Morgan Stanley & Co. Inc., Nomura Securities and UBS Securities LLC.

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

Issuer:	KfW
Issue:	Global notes
Amount:	$5 billion
Maturity:	Jan. 13, 2014
Bookrunners:	Bank of America Merrill Lynch, J.P. Morgan Securities LLC, RBC Capital Markets Corp.
Co-managers:	Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Mizuho International plc, Morgan Stanley & Co. Inc., Nomura Securities, UBS Securities LLC
Coupon:	1.375%
Price:	99.707
Yield:	1.475%
Spread:	Treasuries plus 36.5 bps
Call:	Non-callable
Trade date:	Jan. 5
Settlement date:	Jan. 12
Ratings:	Moody's: Aaa
	Standard & Poor's: AAA
	Fitch: AAA

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