By Rebecca Melvin
New York, Sept. 10 – KfW priced $2 billion of 1.75% 10-year green bonds on Tuesday at 99.9 to yield 1.761%, or a yield spread of mid-swaps plus 21 basis points, according to a syndicate source.
Pricing came at the tight end of guidance for a yield spread of mid-swaps plus 22 bps area.
The global deal is guaranteed by the Federal Republic of Germany and registered with the Securities and Exchange Commission.
BNP Paribas, Citigroup and TD Securities are joint bookrunners of the notes, which are expected to settle on Sept. 17.
The proceeds are earmarked for contributing to loan programs that seek to further energy efficient construction and the use of renewable energies.
KfW is a German government-backed bank based in Frankfurt.
| Issuer: | KfW
|
| Guarantor: | Federal Republic of Germany
|
| Amount: | $2 billion
|
| Description: | Global notes
|
| Maturity: | Sept. 14, 2029
|
| Bookrunners: | BNP Paribas, Citigroup and TD Securities
|
| Coupon: | 1.75%
|
| Price: | 99.9
|
| Yield: | 1.761%
|
| Spread: | Mid-swaps plus 21 bps
|
| Trade date: | Sept. 10
|
| Settlement date: | Sept. 17
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Scope: AAA
|
| Distribution: | SEC registered
|
| Price talk: | Mid-swaps plus 22 bps area
|
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