New Issue: KfW prices $4 billion 1.875% notes due 2019 at mid-swaps plus 9 bps

By Aleesia Forni

Virginia Beach, Jan. 15 - KfW sold $4 billion of 1.875% global notes (Aaa/AAA/AAA) to yield mid-swaps plus 9 basis points on Wednesday, according to an informed source and an FWP filed with the Securities and Exchange Commission.

The notes priced on top of talk, which was tightened from guidance of mid-swaps plus 10 bps area.

Pricing was at 99.667.

Barclays, Goldman Sachs & Co. and Morgan Stanley & Co. LLC are the joint bookrunners.

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

Issuer:	KfW
Guarantor:	Federal Republic of Germany
Amount:	$4 billion
Description:	Global notes
Maturity:	April 1, 2019
Bookrunners:	Barclays, Goldman Sachs & Co., Morgan Stanley & Co. LLC
Coupon:	1.875%
Price:	99.667
Spread:	Mid-swaps plus 9 bps
Trade date:	Jan. 15
Settlement date:	Jan. 23
Ratings:	Moody's: Aaa
	Standard & Poor's: AAA
	Fitch: AAA
Price talk:	Mid-swaps plus 9 bps, tightened from mid-swaps plus 10 bps
Distribution:	SEC-registered

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