By Cristal Cody
Tupelo, Miss., Jan. 14 – KfW (Aaa/AAA//Scope: AAA) priced a $5 billion offering of 1.625% guaranteed global notes due Feb. 15, 2023 on Tuesday at 99.943 and a spread of mid-swaps plus 5 basis points, or Treasuries plus 6.4 bps, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes were initially talked to price in the mid-swaps plus 7 bps area with guidance tightened to the mid-swaps plus 6 bps area.
BMO Capital Markets Corp., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC were the lead managers.
KfW is a government-backed bank based in Frankfurt.
| Issuer: | KfW
|
| Guarantor: | Federal Republic of Germany
|
| Amount: | $5 billion
|
| Description: | Global notes
|
| Maturity: | Feb. 15, 2023
|
| Bookrunners: | BMO Capital Markets Corp., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC
|
| Coupon: | 1.625%
|
| Price: | 99.943
|
| Spread: | Mid-swaps plus 5 bps, or Treasuries plus 6.4 bps
|
| Trade date: | Jan. 14
|
| Settlement date: | Jan. 22
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Scope: AAA
|
| Distribution: | SEC registered
|
| Price talk: | Mid-swaps plus 6 bps area; initial talk at mid-swaps plus 7 bps area
|
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