New Issue: KfW sells $3 billion 0.875% five-year notes at mid-swaps plus 10 bps

By Andrea Heisinger

New York, Aug. 28 - Germany's KfW priced $3 billion of 0.875% five-year notes on Tuesday to yield mid-swaps plus 10 basis points, according to a market source and a news release from the issuer.

The notes (Aaa/AAA/AAA) were priced at 99.62 to yield 0.953%.

BNP Paribas, Deutsche Bank AG, London branch, and J.P. Morgan Securities Ltd. were the bookrunners.

The notes from the Frankfurt-based development bank are guaranteed by the Republic of Germany.

Issuer:	KfW
Guarantor:	Republic of Germany
Issue:	Notes
Amount:	$3 billion
Maturity:	Sept. 5, 2017
Bookrunners:	BNP Paribas, Deutsche Bank AG, London branch, J.P. Morgan Securities Ltd.
Coupon:	0.875%
Price:	99.62
Yield:	0.953%
Spread:	Mid-swaps plus 10 bps
Trade date:	Aug. 28
Settlement date:	Oct. 5
Ratings:	Moody's: Aaa
	Standard & Poor's: AAA
	Fitch: AAA

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