KfW to price $1 billion senior notes due 2021 on Tuesday

By Devika Patel

Knoxville, Tenn., July 31 – KfW plans to offer $1 billion of senior fixed-rate unsecured notes due Sept. 15, 2021, according to a market source.

Initial price thoughts on the notes are mid-swaps plus 5 basis points.

The deal is expected to price Tuesday.

BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are the bookrunners.

The notes will have a long first coupon.

KfW is a Frankfurt-based government-backed bank. The notes will be guaranteed by the Federal Republic of Germany.

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