New Issue: KfW sells $5 billion 1.25% five-year notes at mid-swaps plus 23 bps

By Andrea Heisinger

New York, Feb. 8 - KfW sold $5 billion of 1.25% five-year global notes on Wednesday to yield mid-swaps plus 23 basis points, or Treasuries plus 52.1 bps, according to an FWP filing with the Securities and Exchange Commission and a market source.

The notes (Aaa/AAA/AAA) were sold at 99.629 to yield 1.327%. The paper is non-callable.

Bookrunners were Credit Suisse Securities LLC, HSBC Securities Inc. and Morgan Stanley & Co. LLC.

Co-managers were Barclays Capital Inc., BNP Paribas Securities Corp., Daiwa Capital Markets Europe, FTN Financial Securities Corp., Goldman Sachs International, Jefferies & Co., J.P. Morgan Securities LLC, Nomura Securities, RBS Securities Inc. and UBS Securities LLC.

The German government owned development bank is based in Frankfurt.

Issuer:	KfW
Issue:	Global notes
Amount:	$5 billion
Maturity:	Feb. 15, 2017
Bookrunners:	Credit Suisse Securities LLC, HSBC Securities Inc., Morgan Stanley & Co. LLC
Co-managers:	Barclays Capital Inc., BNP Paribas Securities Corp., Daiwa Capital Markets Europe, FTN Financial Securities Corp., Goldman Sachs International, Jefferies & Co., J.P. Morgan Securities LLC, Nomura Securities, RBS Securities Inc., UBS Securities LLC
Coupon:	1.25%
Price:	99.629
Yield:	1.327%
Spread:	Mid-swaps plus 23 bps, Treasuries plus 52.1 bps
Call:	Non-callable
Trade date:	Feb. 8
Settlement date:	Feb. 15
Ratings:	Moody's: Aaa
	Standard & Poor's: AAA
	Fitch: AAA

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