KfW to reopen 2.75% global notes due 2020; initial price talk at mid-swaps minus 5 bps area

By Cristal Cody

Tupelo, Miss., Sept. 11 – KfW (Aaa/AAA/AAA) plans to price an add-on to its 2.75% global notes due Oct. 1, 2020 on Tuesday, according to a market source.

The notes were initially talked to price with a spread in the mid-swaps minus 5 basis points area.

The issue currently has a total outstanding of $3 billion.

BMO Capital Markets Corp., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the lead managers.

KfW is a government-backed bank based in Frankfurt.

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