New Issue: Germany's KfW taps market for $3 billion 1% five-year notes at mid-swaps plus 4 bps

By Andrea Heisinger

New York, May 22 - KfW sold $3 billion of 1% five-year notes (Aaa/AAA/AAA) on Wednesday at par to yield mid-swaps plus 4 basis points, or Treasuries plus 21.3 bps, a market source said.

The notes are guaranteed by the Federal Republic of Germany.

Bookrunners were Barclays, J.P. Morgan Securities LLC and Nomura Securities International Inc.

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

Issuer:	KfW
Guarantor:	Federal Republic of Germany
Issue:	Notes
Amount:	$3 billion
Maturity:	June 11, 2018
Bookrunners:	Barclays, J.P. Morgan Securities LLC, Nomura Securities International Inc.
Coupon:	1%
Price:	Par
Yield:	1%
Spread:	Mid-swaps plus 4 bps, Treasuries plus 21.3 bps
Trade date:	May 22
Settlement date:	May 29
Ratings:	Moody's: Aaa
	Standard & Poor's: AAA
	Fitch: AAA

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