By Devika Patel and Cristal Cody
Knoxville, Tenn., Jan. 24 – KfW (Aaa/AAA//Scope: AAA) priced $3 billion of 2.875% global notes due April 3, 2028 on Wednesday at 99.995 to yield mid-swaps plus 20 basis points, on the tight side of initial talk, according to an FWP filed with the Securities and Exchange Commission and a market source.
BofA Merrill Lynch, J.P. Morgan Securities LLC and TD Securities (USA) LLC are the lead managers.
The notes were initially talked to price with a spread in the mid-swaps plus 23 bps area.
KfW is a government-backed bank based in Frankfurt. The notes will be guaranteed by the Federal Republic of Germany.
Issuer: | KfW
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Guarantor: | Federal Republic of Germany
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Description: | Global notes
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Amount: | $3 billion
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Maturity: | April 3, 2028
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Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC and TD Securities (USA) LLC
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Stabilization manager: | J.P. Morgan Securities plc
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Coupon: | 2.875%
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Price: | 99.995
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Spread: | Mid-swaps plus 20 bps, or Treasuries plus 65 bps
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Trade date: | Jan. 24
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Settlement date: | Jan. 31
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Ratings: | Moody’s: Aaa
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| S&P: AAA
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| Scope: AAA
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Distribution: | SEC registered
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Price talk: | Mid-swaps plus 23 bps area
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