By Cristal Cody
Tupelo, Miss., Aug. 23 – KfW (Aaa/AAA/AAA) priced $4 billion of 1.5% two-year global notes at 99.952 and a spread of mid-swaps minus 4 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission on Wednesday.
KfW earlier set the spread for the notes at mid-swaps minus 4 bps.
BofA Merrill Lynch, BNP Paribas Securities Corp. and J.P. Morgan Securities LLC were the bookrunners with BofA Merrill Lynch as stabilization manager.
Demand for the issue was more than $4.5 billion, the source said.
The notes will be guaranteed by the Federal Republic of Germany.
KfW is a Frankfurt-based government-backed bank.
| Issuer: | KfW
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| Guarantor: | Federal Republic of Germany
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| Amount: | $4 billion
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| Description: | Global notes
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| Maturity: | Sept. 9, 2019
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| Bookrunners: | BofA Merrill Lynch (stabilization), BNP Paribas Securities Corp. and J.P. Morgan Securities LLC
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| Coupon: | 1.5%
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| Price: | 99.952
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| Spread: | Mid-swaps minus 4 bps
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| Trade date: | Aug. 23
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| Settlement date: | Aug. 30
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| Ratings: | Moody’s: Aaa
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| S&P: AAA
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| Fitch: AAA
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| Distribution: | SEC registered
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| Price talk: | Mid-swaps minus 4 bps
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