By William Gullotti and Cristal Cody
Buffalo, N.Y., Feb. 21 – KfW (Kreditanstalt fuer Wiederaufbau) (Aaa/AAA//Scope: AAA) priced $2 billion of 4.375% global green bonds with a 10-year tenor at 99.432 on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
As previously reported, initial price talk was in the SOFR mid-swaps plus 53 basis points area, or Treasuries plus 18.2 bps area. Guidance tightened during pricing to the SOFR mid-swaps plus 52 bps area and final pricing put the notes at SOFR mid-swaps plus 51 bps, or Treasuries plus 16.1 bps.
BNP Paribas Securities Corp., Nomura and RBC Capital Markets LLC are the bookrunners, with RBC acting as stabilization manager.
The SEC-registered bonds will be listed on the regulated market of the Luxembourg Stock Exchange.
Proceeds will be used to fund loans to further energy-efficient homes and buildings, sustainable transportation, the use of renewable energies, the investment in selected climate-friendly activities by companies and the protection of biodiversity.
KfW is a government-backed bank based in Frankfurt.
| Issuer: | KfW
|
| Guarantor: | Germany
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| Amount: | $2 billion
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| Issue: | Global green bonds
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| Maturity: | Feb. 28, 2034
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| Bookrunners: | BNP Paribas Securities Corp., Nomura and RBC Capital Markets LLC
|
| Stabilization manager: | RBC Capital Markets LLC
|
| Trustee: | Bank of New York Mellon (via branches as paying agents and registrar)
|
| Coupon: | 4.375%
|
| Price: | 99.432
|
| Yield: | 4.446%
|
| Spread: | SOFR mid-swaps plus 51 bps, or Treasuries plus 16.1 bps
|
| Trade date: | Feb. 21
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| Settlement date: | Feb. 28
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| Issuer 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: | SOFR mid-swaps plus 53 bps area, or Treasuries plus 18.2 bps area; guidance tightened to SOFR mid-swaps plus 52 bps area
|
| Cusip: | 500769KD5
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